William Steven achieved one of his life-long dreams by opening his own business, The Sheridan Shack Driving Range, on May 1, 2020. He invested $19,850 of his own savings in the business. He paid $6,900 cash to have a small building constructed to house the operations and spent $785 on golf clubs, golf balls, and yardage signs. Steven leased 4 acres of land at a cost of $1,015 per month. (He paid the first month's rent in cash.) During the first month, advertising costs totaled $705, of which $145 was unpaid at the end of the month. Steven paid his three nephews $430 for retrieving golf balls. He deposited in the company's bank account all revenues from customers ($4,660). On May 15, Steven withdrew $785 in cash for personal use. On May 31, the company received a utility bill for $120 but did not immediately pay it. On May 31, the balance in the company bank account was $14,035. Steven is feeling pretty good about results for the first month, but his estimate of profitability ranges from a loss of $5,815 to a profit of $1,605. (a1) Prepare a balance sheet at May 31, 2020. (List Assets in order of liquidity.) Cash Buildings Equipment Total Assets At May 31, 2020 Assets $ Liabilities and Equity Liabilities Advertising Payable $ 145.00 Utilities Payable Owners' Equity Owners' Capital 120.00