William Murray achieved one of his life-long dreams by opening his own business, The Pronghorn Driving Range, on May 1, 2025. He invested $23,300 of his own savings in the business. He paid $7,000 cash to have a small building constructed to house the operations and spent $870 on golf clubs, golf balls, and yardage signs. Murray leased 4 acres of land at a cost of $1,300 per month. (He paid the first month's rent in cash.) During the first month, advertising costs totaled $760, of which $250 was unpaid at the end of the month. Murray paid his three nephews $400 for retrieving golf balls. He deposited in the company's bank account all revenues from customers ($4,940). On May 15, Murray withdrew $820 in cash for personal use. On May 31, the company received a utility bill for $150 but did not immediately pay it. On May 31, the balance in the company bank account was $17.340. Murray is feeling pretty good about results for the first month, but his estimate of profitability ranges from a loss of $5,960 to a profit of $1,510.