William Murray achieved one of his life-long dreams by opening his own business, The Sheridan Driving Range, on May 1, 2025. He invested $22,800 of his own savings in the business. He paid $6,200 cash to have a small building constructed to house the operations and spent $810 on golf clubs, golf balls, and yardage signs. Murray leased 4 acres of land at a cost of $1,170 per month. (He paid the first month's rent in cash.) During the first month, advertising costs totaled $750, of which $200 was unpaid at the end of the month. Murray paid his three nephews $460 for retrieving golf balls. He deposited in the company's bank account all revenues from customers ($5,060). On May 15, Murray withdrew $820 in cash for personal use. On May 31, the company received a utility bill for $160 but did not immediately pay it. On May 31, the balance in the company bank account was $17,850. Murray is feeling pretty good about results for the first month, but his estimate of profitability ranges from a loss of $4,950 to a profit of $1,700.