Use the Following Information to Answer the Questions Below 1. On May 1 Our Business received a $500,000 check from in exchange for Common Stock in the Corp. 2. On May 2 Our Business received a $100,000 check from Summit Golf Course for Services to be provided in June 3. On May 3 Our Business paid $32,000 with a check for Insurance for the next 4 months (May-Oct) 4. On May 4 Our Business purchased a Yacht Boat for $360,000, and paid $60,000 cash Down now and signed a Note for the remaining Amount Due. The Yacht Boat has a 10 Year Life. 5. On May 10 Our Business provided Golf Services to Pebble Golf Corp worth $150,000 on account (sent them a bill) 6. On May 15 Our Business paid May Rent in the Amount of $19,000 with a check. 7. On May 25 Our Business received the Telephone Bill from Verizon for the Month of May in the Amount of $10,000 to be paid next month. 8. On May 30 Our Business paid $25,000 in Checks to the Owners of the Business. 9. On May 31 Our Business made an adjusting entry to record one month of Insurance used during the month. 10. On May 31 Our Business made an adjusting entry to record one month of Depreciation on the Yacht. 11. On May 31 Our Business made an adjusting entry to record Income Tax Expense Due to the IRS at 40% Tax Rate.

1. Compute the Balance in the Prepaid Account at Month End

2 Compute the Balance in the Customer Deposit Account at Month End

3 Compute the Balance in the Cash Account at Month End

4 Compute Net Book Value of the Boat at Month end

5 Compute the Net Income After Taxes for the Month

6 Compute the Ending Balance in Retained Earnings at Month End

7 Compute the Ending Amount of Total Assets at Month End

8 Compute the Ending Amount of Total Liabilities at Month End

9 Compute the Ending Amount of Total Owners Equity at Month End