$ 2,295 Art Gallery X Balance Sheet at November 30, 2018 ASSETS Bank Short Term Investments Accounts Receivable Prepaid Expenses TOTAL ASSETS LIABILITIES Accounts Payable $117,010 $ 15,000 $ 555 $ 375 $ 132,940 Art Gallery X Income Statement for the 11 months to November 30, 2018 REVENUES Gallery Memberships Sale of Artworks $20,750 $11,285 Special Events $8,549 Individual Donations $16,290 Foundation Donations $20,000 Sponsorship $13,500 Government Grants $112,500 TOTAL REVENUES $202,874 Deferred Revenue $ 14,500 TOTAL LIABILITIES $ 16,795 EXPENSES Fees, Salaries & Benefi $87,500 EQUITY Gallery & Exhibition Ex $58,150 Retained Earnings (Opening Equity $ 116,750 Promotional Materials $7,452 Net Income -$ 605 Advertising $6,545 TOTAL EQUITY $ 116,145 Fundraising Expenses $1,235 Rent $28,200 LIABILTIES AND EQUITY $ 132,940 Office Supplies $2,877 Telephone $2,352 Other Administration E $9,168 TOTAL EXPENSES $203,479 NET INCOME -$605