90. 
    

    Account Title	Debit ($) (Jun)	Credit ($) (Jun)	Debit ($) (Jul)	Credit ($) (Jul)
    Cash	185,000		190,000
    Accounts Receivable	205,000		210,000
    Inventory	215,000		220,000
    Prepaid Expenses	100,000		105,000
    Equipment	450,000		460,000
    Accumulated Depreciation		155,000		160,000
    Accounts Payable		180,000		185,000
    Notes Payable		25,000		20,000
    Common Stock		340,000		350,000
    Retained Earnings		290,000		300,000
    Sales Revenue		700,000		720,000
    Cost of Goods Sold	245,000		250,000
    Rent Expense	78,000		80,000
    Utilities Expense	24,000		25,000
    Salary Expense	165,000		170,000
    -------------------------	----------------------	----------------------	----------------------	----------------------
    Total	1,440,000	1,440,000	1,480,000	1,480,000

    Requirements:

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