Accounting, Analysis, and Principles al William Mark achieved one of his life-long dreams by opening his own business, The Cullumber Shack Driving Range, on May 1, 2020. He invested $19,650 of his own savings in the business. He paid $6,700 cash to have a small building constructed to house the operations and spent $765 on golf clubs, golf balls, and yardage signs. Mark leased 4 acres of land at a cost of $1,030 per month. (He paid the first month's rent in cash.) During the first month, advertising costs totaled $765, of which $160 was unpaid at the end of the month. Mark paid his three nephews $435 for retrieving golf balls. He deposited in the company's bank account all revenues from customers ($4,735). On May 15, Mark withdrew $765 in cash for personal use. On May 31, the company received a utility bill for $120 but did not immediately pay it. On May 31, the balance in the company bank account was $14,085. Mark is feeling pretty good about results for the first month, but his estimate of profitability ranges from a loss of $5,565 to a profit of $1,620. (al) Prepare a balance sheet at May 31, 2020. (List Assets in order of liquidity.) Cullumber Shack Driving Range Statement of Financial Position Assets $ $ Liabilities and Equity $ Owners' Equity Accounting, Analysis, and Principles al Your answer is partially correct. Try again. William Mark achieved one of his life-long dreams by opening his own business, The Cullumber Shack Driving Range, on May 1, 2020. He invested $19,650 of his own savings in the business. He paid $6,700 cash to have a small building constructed to house the operations and spent $765 on golf clubs, golf balls, and yardage signs. Mark leased 4 acres of land at a cost of $1,030 per month. (He paid the first month's rent in cash.) During the first month, advertising costs totaled $765, of which $160 was unpaid at the end of the month. Mark paid his three nephews $435 for retrieving golf balls. He deposited in the company's bank account all revenues from customers ($4,735). On May 15, Mark withdrew $765 in cash for personal use. On May 31, the company received a utility bill for $120 but did not immediately pay it. On May 31, the balance in the company bank account was $14,085. Mark is feeling pretty good about results for the first month, but his estimate of profitability ranges from a loss of $5,565 to a profit of $1,620. (al) Prepare a balance sheet at May 31, 2020. (List Assets in order of liquidity.) Cullumber Shack Driving Range Statement of Financial Position At May 31, 2020 Assets Buildings 6700 x Equipment 765 x Cash 13925 Total Current Assets 21390 Liabilities and Equity Utilities Payable 120 Advertising Payable 160 Owners' Equity Retained Earnings 19650 Total Liabilities & Equity 19930