Anya and Nick Ramon, local golf stars, opened theIvanhoeDriving Range on March 1, 2022, by investing $25,700of their cash savings in the business. A caddy shack was constructed for cash at a cost of $7,900, and $790was spent on golf balls and golf clubs. The Ramons leased five acres of land at a cost of $1,150per month and paid the first month's rent. During the first month, advertising costs totaled $800, of which $150was unpaid at March 31, and $400was paid to members of the high-school golf team for retrieving golf balls. All revenues from customers were deposited in the company's bank account. On March 15, Anya and Nick withdrew a total of $800in cash for personal living expenses. A $120utility bill was received on March 31 but was not paid. On March 31, the balance in the company's bank account was $19,600.

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 $2,320.

Question 2 of 2 > -13 = IVANHOEDRIVING RANGE Balance Sheet Assets to $ Liabilities and Owner's Equity $ $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit AnswerQuestion 2 of 2 . > - 13 E eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (c) Without preparing an income statement, determine the actual net income for March. Net income $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (d) What was the revenue recognized in March? Revenues earned $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit