41. 
    

    Account Title	Debit ($) (May)	Credit ($) (May)	Debit ($) (Jun)	Credit ($) (Jun)
    Cash	130,000		135,000
    Accounts Receivable	150,000		155,000
    Inventory	160,000		165,000
    Prepaid Expenses	45,000		50,000
    Equipment	340,000		350,000
    Accumulated Depreciation		100,000		105,000
    Accounts Payable		125,000		130,000
    Notes Payable		80,000		75,000
    Common Stock		230,000		240,000
    Retained Earnings		180,000		190,000
    Sales Revenue		480,000		500,000
    Cost of Goods Sold	190,000		195,000
    Rent Expense	55,000		58,000
    Utilities Expense	13,000		14,000
    Salary Expense	110,000		115,000
    -------------------------	----------------------	----------------------	----------------------	----------------------
    Total	1,000,000	1,000,000	1,040,000	1,040,000

    Requirements:

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