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  3. anna is a very talented portrait artist who has de

Anna is a very talented portrait artist who has decided to open a studio. She...

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Accounting

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Anna is a very talented portrait artist who has decided to open a studio. She obtained a loan of $5000 and plans to use $10000 of her own savings to fund the start-up. She used the $15,000 on the following: Vehicle (for deliveries) $7500 Monthly painting supplies 300 Monthly studio rental 1000 Website setup 325 Business license/ FBN 75 Monthly internet service 200 Monthly utilities 300 Business cards 100 Computer 1500 After careful thought, Anna decided to charge $350 per portrait and $200 per hour for any independent art commission. Her business activity for the first six months is as follows: Month 1 5 portraits Month 2 10 portraits, 5 hours commissioned work Month 3 7 portraits, 5 hours commissioned work Month 4 8 portraits, 1 hour commissioned work Month 5 12 portraits, 1 hour commissioned work Month 6 15 portraits, 3 hours commissioned work Prepare an opening day Balance Sheet. Any asset over $500 belongs on the Balance Sheet

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