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Your answer is partially correct. Try again. William Gary achieved one of his life-long dreams by opening his own business, The Cullumber Shack Driving Range, on May 1, 2020. He invested $20,200 of his own savings in the business. He paid $7,250 cash to have a small building constructed to house the operations and spent $820 on golf clubs, golf balls, and yardage signs. Gary leased 4 acres of land at a cost of $1,005 per month. (He paid the first month's rent in cash.) During the first month, advertising costs totaled $720, of which $175 was unpaid at the end of the month. Gary paid his three nephews $430 for retrieving golf balls. He deposited in the company's bank account all revenues from customers ($4,700). On May 15, Gary withdrew $820 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 $14,030. Gary is feeling pretty good about results for the first month, but his estimate of profitability ranges from a loss of $6,170 to a profit of $1,605. (a1) Cullumber Shack Driving Range Statement of Financial Position At May 31, 2020 Assets Cash 14030 Buildings 7250 Equipment 820 Total Assets 22100 Liabilities and Equity Utilities Payable 120 175 Advertising Payable v Owners' Equity Owners' Capital 22100 Total Liabilities & Equity 20495