11. 
    

    Account Title	Debit ($) (Jul)	Credit ($) (Jul)	Debit ($) (Aug)	Credit ($) (Aug)
    Cash	80,000		85,000
    Accounts Receivable	100,000		105,000
    Inventory	110,000		115,000
    Prepaid Expenses	20,000		22,000
    Equipment	240,000		250,000
    Accumulated Depreciation		50,000		55,000
    Accounts Payable		80,000		85,000
    Notes Payable		55,000		50,000
    Common Stock		180,000		190,000
    Retained Earnings		130,000		140,000
    Sales Revenue		380,000		400,000
    Cost of Goods Sold	140,000		145,000
    Rent Expense	30,000		32,000
    Utilities Expense	8,000		9,000
    Salary Expense	60,000		65,000
    -------------------------	----------------------	----------------------	----------------------	----------------------
    Total	680,000	680,000	710,000	710,000

    Requirements:

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