47. 
    

    Account Title	Debit ($) (Mar)	Credit ($) (Mar)	Debit ($) (Apr)	Credit ($) (Apr)
    Cash	120,000		125,000
    Accounts Receivable	140,000		145,000
    Inventory	150,000		155,000
    Prepaid Expenses	40,000		42,000
    Equipment	320,000		330,000
    Accumulated Depreciation		90,000		95,000
    Accounts Payable		120,000		125,000
    Notes Payable		80,000		75,000
    Common Stock		220,000		230,000
    Retained Earnings		170,000		180,000
    Sales Revenue		460,000		480,000
    Cost of Goods Sold	180,000		185,000
    Rent Expense	50,000		52,000
    Utilities Expense	12,000		13,000
    Salary Expense	100,000		105,000
    -------------------------	----------------------	----------------------	----------------------	----------------------
    Total	940,000	940,000	980,000	980,000

    Requirements:

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