66. 
    

    Account Title	Debit ($) (Dec)	Credit ($) (Dec)	Debit ($) (Jan)	Credit ($) (Jan)
    Cash	140,000		145,000
    Accounts Receivable	160,000		165,000
    Inventory	170,000		175,000
    Prepaid Expenses	55,000		60,000
    Equipment	360,000		370,000
    Accumulated Depreciation		110,000		115,000
    Accounts Payable		135,000		140,000
    Notes Payable		70,000		65,000
    Common Stock		250,000		260,000
    Retained Earnings		200,000		210,000
    Sales Revenue		520,000		540,000
    Cost of Goods Sold	200,000		205,000
    Rent Expense	60,000		62,000
    Utilities Expense	15,000		16,000
    Salary Expense	120,000		125,000
    -------------------------	----------------------	----------------------	----------------------	----------------------
    Total	1,080,000	1,080,000	1,120,000	1,120,000

    Requirements:

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