Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows:
Net income for November                                     $ 93,500
Cash dividends paid during November                      7,000
Retained earnings, November 1, 2018                  2,940,000
A. Prepare a retained earnings statement for the month ended November 30, 2018.
B. Why is the retained earnings statement prepared before the November 30, 2018, balance sheet?