1. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007

2. Assets

3. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 Assets Cash$13,500

4. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 Assets Cash$13,500 Accounts Receivable 12,000

5. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 Assets Cash$13,500 Accounts Receivable 12,000 Supplies 6,800 _______

6. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 Assets Cash$13,500 Accounts Receivable 12,000 Supplies 6,800 _______ Total Assets$32,300

7. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500 Accounts Receivable 12,000 Supplies 6,800 _______ Total Assets$32,300

8. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500Liabilities: Accounts Receivable 12,000 Supplies 6,800 _______ Total Assets$32,300

9. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500Liabilities: Accounts Receivable 12,000 Accounts Payable Supplies 6,800 _______ Total Assets$32,300

10. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500Liabilities: Accounts Receivable 12,000 Accounts Payable$ 6,000 Supplies 6,800 _______ Total Assets$32,300

11. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500Liabilities: Accounts Receivable 12,000 Accounts Payable$ 6,000 Supplies 6,800 Total Liabilities$ 6,000 _______ Total Assets$32,300

12. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500Liabilities: Accounts Receivable 12,000 Accounts Payable$ 6,000 Supplies 6,800 Total Liabilities$ 6,000 Stockholders’ Equity: _______ Total Assets$32,300

13. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500Liabilities: Accounts Receivable 12,000 Accounts Payable$ 6,000 Supplies 6,800 Total Liabilities$ 6,000 Stockholders’ Equity: Capital Stock _______ Total Assets$32,300

14. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500Liabilities: Accounts Receivable 12,000 Accounts Payable$ 6,000 Supplies 6,800 Total Liabilities$ 6,000 Stockholders’ Equity: Capital Stock$ 7,500 _______ Total Assets$32,300

15. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500Liabilities: Accounts Receivable 12,000 Accounts Payable$ 6,000 Supplies 6,800 Total Liabilities$ 6,000 Stockholders’ Equity: Capital Stock$ 7,500 _______ Retained Earnings Total Assets$32,300

16. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500Liabilities: Accounts Receivable 12,000 Accounts Payable$ 6,000 Supplies 6,800 Total Liabilities$ 6,000 Stockholders’ Equity: Capital Stock$ 7,500 _______ Retained Earnings 18,800 Total Assets$32,300

17. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500Liabilities: Accounts Receivable 12,000 Accounts Payable$ 6,000 Supplies 6,800 Total Liabilities$ 6,000 Stockholders’ Equity: Capital Stock$ 7,500 _______ Retained Earnings 18,800 Total Stock. Equity$26,300 Total Assets$32,300

18. Glorian Portrait Studios, Incorporated Balance Sheet May 31, 2007 AssetsLiabilities and Stockholders’ Equity Cash$13,500Liabilities: Accounts Receivable 12,000 Accounts Payable$ 6,000 Supplies 6,800 Total Liabilities $ 6,000 Stockholders’ Equity: Capital Stock$ 7,500 _______ Retained Earnings 18,800 Total Stock. Equity $26,300 Total Assets$32,300Total Liab. And Stock. Equity $32,300