Anya and Nick Ramon, local golf stars, opened the Chip-Shot Driving Range on March 1, 2017, by investing $25,100 of their cash savings in the business. A caddy shack was constructed for cash at a cost of $8,200, and $820 was spent on golf balls and golf clubs. The Ramons leased five acres of land at a cost of $1,150 per month and paid the first months rent. During the first month, advertising costs totaled $700, of which $150 was unpaid at March 31, and $380 was paid to members of the high-school golf team for retrieving golf balls. All revenues from customers were deposited in the companys bank account. On March 15, Anya and Nick withdrew a total of $800 in cash for personal living expenses. A $120 utility bill was received on March 31 but was not paid. On March 31, the balance in the companys bank account was $18,000. Anya and Nick thought they had a pretty good first month of operations. But, their estimates of profitability ranged from a loss of $6,100 to net income of $1,650. Answer the following.

Prepare a balance sheet at March 31. (List Assets in order of liquidity.)

CHIP-SHOT DRIVING RANGE Balance Sheet

March 31,2017

Assets

Cash	$18,000
?	?
?	?
Total Assets	$27020

Liabilities and Owner's Equity

liabilities	-
accounts payable	$270
owner's equity	-
ower's capital	26750
total liabilties and owner's equity	$27020

Without preparing an income statement, determine the actual net income for March.

Net income:_____________?

What was the revenue recognized in March?

Revenues earned: _________?