74. 
    

    Account Title	Debit ($) (Jun)	Credit ($) (Jun)	Debit ($) (Jul)	Credit ($) (Jul)
    Cash	155,000		160,000
    Accounts Receivable	175,000		180,000
    Inventory	185,000		190,000
    Prepaid Expenses	70,000		75,000
    Equipment	390,000		400,000
    Accumulated Depreciation		125,000		130,000
    Accounts Payable		150,000		155,000
    Notes Payable		55,000		50,000
    Common Stock		280,000		290,000
    Retained Earnings		230,000		240,000
    Sales Revenue		580,000		600,000
    Cost of Goods Sold	215,000		220,000
    Rent Expense	66,000		68,000
    Utilities Expense	18,000		19,000
    Salary Expense	135,000		140,000
    -------------------------	----------------------	----------------------	----------------------	----------------------
    Total	1,200,000	1,200,000	1,240,000	1,240,000

    Requirements:

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