William Jason achieved one of his life-long dreams by opening his own business, The Blossom Shack Driving Range, on May 1, 2020. He invested $20,100 of his own savings in the business. He paid $7,150 cash to have a small building constructed to house the operations and spent $810 on golf clubs, golf balls, and yardage signs. Jason leased 4 acres of land at a cost of $1,075 per month. (He paid the first months rent in cash.) During the first month, advertising costs totaled $780, of which $190 was unpaid at the end of the month. Jason paid his three nephews $400 for retrieving golf balls. He deposited in the companys bank account all revenues from customers ($4,800). On May 15, Jason withdrew $810 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 $14,065. Jason is feeling pretty good about results for the first month, but his estimate of profitability ranges from a loss of $6,035 to a profit of $1,620.

a Prepare a balance sheet at May 31, 2020.

Blossom Shack Driving Range Statement of Financial Position For the Year Ended May 31, 2020 At May 31, 2020 For the Month Ended May 31, 2020 Statement of Financial Position Assets $ Liabilities and Equity Liabilities $ Owners' Equity $