29. 
    

    Account Title	Debit ($) (Jul)	Credit ($) (Jul)	Debit ($) (Aug)	Credit ($) (Aug)
    Cash	140,000		145,000
    Accounts Receivable	160,000		165,000
    Inventory	170,000		175,000
    Prepaid Expenses	48,000		52,000
    Equipment	360,000		370,000
    Accumulated Depreciation		110,000		115,000
    Accounts Payable		140,000		145,000
    Notes Payable		90,000		85,000
    Common Stock		240,000		250,000
    Retained Earnings		190,000		200,000
    Sales Revenue		500,000		520,000
    Cost of Goods Sold	200,000		205,000
    Rent Expense	58,000		60,000
    Utilities Expense	14,000		15,000
    Salary Expense	115,000		120,000
    -------------------------	----------------------	----------------------	----------------------	----------------------
    Total	1,120,000	1,120,000	1,160,000	1,160,000

    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.