• 
  

  Account Title	Debit ($) (Mar)	Credit ($) (Mar)	Debit ($) (Apr)	Credit ($) (Apr)
  Cash	120,000		125,000
  Accounts Receivable	140,000		145,000
  Inventory	150,000		155,000
  Prepaid Expenses	40,000		42,000
  Equipment	320,000		330,000
  Accumulated Depreciation		90,000		95,000
  Accounts Payable		120,000		125,000
  Notes Payable		80,000		75,000
  Common Stock		220,000		230,000
  Retained Earnings		170,000		180,000
  Sales Revenue		460,000		480,000
  Cost of Goods Sold	180,000		185,000
  Rent Expense	50,000		52,000
  Utilities Expense	12,000		13,000
  Salary Expense	100,000		105,000
  -------------------------	----------------------	----------------------	----------------------	----------------------
  Total	940,000	940,000	980,000	980,000

  Requirements:

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