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 cath) During the first month advertising costs totaled 5720, of which $175 was unpaid at the end of the month. Gary paid his three nephews 5430 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 5120 but did not immediately pay it on May 31, the balance in the company bank account was $14030 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 (1) Prepare a balance sheet at May 31, 2020. (Ust Assets in order of liquidity