Kieso, Intermediate Accounting, 17e INTERM FINANCIAL ACCTG I/II (BUSA312/3: Grace Period: 12 days left Register N ce Assignment Gradebook ORION Downloadable eTextbook ent CALCULATOR FULL SCREEN NECT PRINTER VERSION BACK Accounting, Analysis, and Principles al Your answer is partially correct. Try again. William David achieved one of his life-long dreams by opening his own business, The Pharoah Shack Driving Range, on May 1, 2020. He invested $19,250 of his own savings in the business. He paid $6,300 cash to have a small building constructed to house the operations and spent $725 on golf clubs, golf balls, and yardage signs. David leased 4 acres of land at a cost of $1,180 per month. (He paid the first month's rent in cash.) During the first month, advertising costs totaled $795, of which $145 was unpaid at the end of the month. David paid his three nephews $395 for retrieving golf balls. He deposited in the company's bank account all revenues from customers ($4,785). On May 15, David withdrew $725 in cash for personal use. On May 31, the company received a utility bill for $115 but did not immediately pay it. On May 31, the balance in the company bank account was $14,060. David is feeling pretty good about results for the first month, but his estimate of profitability ranges from a loss of $5,190 to a profit of $1,575. (a1) Prepare a balance sheet at May 31, 2020. (List Assets in order of liquidity.) Pharoah Shack Driving Range Statement of Financial Position At May 31, 2020 Assets . 6,300 Buildings C Equipment 725 Cash 14,060 Assets Buildings 6,300 725 Equipment X Cash 14,060 ly X 21,085 Total Current Assets Liabilities and Equity X 260 Accounts Payable 19,250 Owners' Capital Owners' Equity 1,575 Retained Earnings 21,085 Total Liabilities & Equity Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities & Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity liti m