54. 
    

    Account Title	Debit ($) (Apr)	Credit ($) (Apr)	Debit ($) (May)	Credit ($) (May)
    Cash	125,000		130,000
    Accounts Receivable	145,000		150,000
    Inventory	155,000		160,000
    Prepaid Expenses	42,000		45,000
    Equipment	330,000		340,000
    Accumulated Depreciation		95,000		100,000
    Accounts Payable		125,000		130,000
    Notes Payable		70,000		65,000
    Common Stock		210,000		220,000
    Retained Earnings		160,000		170,000
    Sales Revenue		420,000		440,000
    Cost of Goods Sold	165,000		170,000
    Rent Expense	48,000		50,000
    Utilities Expense	12,000		13,000
    Salary Expense	95,000		100,000
    -------------------------	----------------------	----------------------	----------------------	----------------------
    Total	865,000	865,000	900,000	900,000

    Requirements:

    • Prepare a comparative income statement for April and May.
    • Create a comparative balance sheet as of the end of April and May.
    • Calculate the change in retained earnings between April and May.
    • Analyze the financial performance and changes in financial position over the two months.