17. 
    

    Account Title	Debit ($) (Nov)	Credit ($) (Nov)	Debit ($) (Dec)	Credit ($) (Dec)
    Cash	100,000		105,000
    Accounts Receivable	120,000		125,000
    Inventory	130,000		135,000
    Prepaid Expenses	30,000		32,000
    Equipment	280,000		290,000
    Accumulated Depreciation		70,000		75,000
    Accounts Payable		100,000		105,000
    Notes Payable		65,000		60,000
    Common Stock		200,000		210,000
    Retained Earnings		150,000		160,000
    Sales Revenue		420,000		440,000
    Cost of Goods Sold	160,000		165,000
    Rent Expense	40,000		42,000
    Utilities Expense	10,000		11,000
    Salary Expense	80,000		85,000
    -------------------------	----------------------	----------------------	----------------------	----------------------
    Total	820,000	820,000	860,000	860,000

    Requirements:

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