DON JUAN ART GALLERY

Statement of Comprehensive Income

For The Month Ended May 31, 2016

Painting Revenue 210,000

Less:
Operating Expenses
Salaries Expense 4,000
Utilities Expense 5,040
Insurance Expense 2,700
Rent Expense 12,000
Art Supplies Expense 1,800
Depreciation Expense 6,000
Bad Debts Expense 1,500
Total Operating Expenses 33,040

NET INCOME 176,960

 DON JUAN ART GALLERY
Statement of Changes in Owner's Equity
For The Month Ended May 31, 2016

Juan, Capital, May 1, 2016 300,000

Add: Net Income 176,960

Total 476,960

Less: Juan, Drawing 18,000

Juan, Capital, May 31, 2016 458,960

 DON JUAN ART GALLERY
Statement of Financial Position
As of May 31, 2016

ASSET
Current Asset
Cash 373,660
Accounts Receivable 70,000.00
Less: Allowance for Bad Debts 1,500.00 68,500
Art Supplies 5,400
Prepaid Rent 6,000
Prepaid Insurance 8,100
Total Current Assets 461,660

Non-Current Asset
Office Equipment 180,000.00
Less: Accumulated Depreciation - Equipment 5,000.00 175,000
Furniture & Fixture 40,000.00
Less: Accumulated Depreciation - Furniture & Fixture 1,000.00 39,000
Total Non-Current Assets 214,000
TOTAL ASSETS 675,660

LIABILITIES & OWNER'S EQUITY

Current Liabilities
Accounts Payable 32,200
Notes Payable 100,000
Utilities Payable 4,500
Unearned Painting Revenue 80,000
Total Current Liabilities 216,700

Owner's Equity
Juan, Capital 458,960

TOTAL LIABILITIES & OWNER'S EQUITY 675,660