William David achieved one of his life-long dreams by opening his own business, The Pharoah Shack Driving Range, on May 1, 2020. Heinvested $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. (21) Prepare a balance sheet at May 31, 2020. (List Assets in order of liquidity:) Pharoah Shack Driving Range Statement of Financial Position Assets