79. 
    

    Account Title	Debit ($) (Oct)	Credit ($) (Oct)	Debit ($) (Nov)	Credit ($) (Nov)
    Cash	165,000		170,000
    Accounts Receivable	185,000		190,000
    Inventory	195,000		200,000
    Prepaid Expenses	80,000		85,000
    Equipment	410,000		420,000
    Accumulated Depreciation		135,000		140,000
    Accounts Payable		160,000		165,000
    Notes Payable		45,000		40,000
    Common Stock		300,000		310,000
    Retained Earnings		250,000		260,000
    Sales Revenue		620,000		640,000
    Cost of Goods Sold	225,000		230,000
    Rent Expense	70,000		72,000
    Utilities Expense	20,000		21,000
    Salary Expense	145,000		150,000
    -------------------------	----------------------	----------------------	----------------------	----------------------
    Total	1,280,000	1,280,000	1,320,000	1,320,000

    Requirements:

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