Question $7$ of $7$

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William Murray achieved one of his life$-$long dreams by opening his own business, The Swifty Driving Range, on May $1,2025.$ He invested $$23,000$ of his own savings in the business. He paid $$6,380$ cash to have a small building constructed to house the operations and spent $$840$ on golf clubs, golf balls, and yardage signs. Murray leased $4$ acres of land at a cost of $$1,220$ per month. $($He paid the first month's rent in cash.$)$ During the first month, advertising costs totaled $$770,$ of which $$190$ was unpaid at the end of the month. Murray paid his three nephews $$500$ for retrieving golf balls. He deposited in the company's bank account all revenues from customers $($$$5,010).$ On May $15,$ Murray withdrew $$810$ in cash for personal use. On May $31,$ the company received a utility bill for $$170$ but did not immediately pay it$.$ On May $31,$ the balance in the company bank account was $$17,680.$

Murray is feeling pretty good about results for the first month, but his estimate of profitability ranges from a loss of $$5,320$ to a profit of $$1,540.$

$($a$1)$

Prepare a balance sheet at May $31,2025.$ Murray appropriately records any depreciation expense on a quarterly basis. $($List Property, Plant, and Equipment in order of Buildings and Equipment.$)$

SWIFTY DRIVING RANGE

Statement of Financial Position

May $31,2025$

Assets

SWIFTY DRIVING RANGE

Statement of Financial Position

May $31,2025$

Assets

$

$

Liabilities

$