Account Title Debit ($) (Sep) Credit ($) (Sep) Debit ($) (Oct) Credit ($) (Oct) Cash 130,000 135,000
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Question:
Account Title Debit ($) (Sep) Credit ($) (Sep) Debit ($) (Oct) Credit ($) (Oct) 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 September and October.
- Create a comparative balance sheet as of the end of September and October.
- Calculate the change in retained earnings between September and October.
- Analyze the financial performance and changes in financial position over the two months.
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