Reference no: EM132886727

Question - Anya and Nick Ramon, local golf stars, opened the Crane Driving Range on March 1, 2020, by investing $24,700 of their cash savings in the business. A caddy shack was constructed for cash at a cost of $8,500 and $850 was spent on golf balls and golf clubs. The Ramon's leased five acres of land at a cost of $1,150 per month and paid the first month's rent. During the first month, advertising costs totaled $750, of which $150 was unpaid at March 31, and $410 was paid to members of the high-school golf team for retrieving golf balls. All revenues from customers were deposited in the company's bank account. On March15, Anya and Nick withdrew a total of $1,200 in cash for personal living expenses. A $120 utility bill was received on March 31 but was not paid. On March 31, the balance in the company's bank account was $18,300. On March 31, the balance in the company's bank account was $18,300.

Anya and Nick thought that they had a pretty good month of operations, But, their estimates of profitability ranged from a loss of $6,100 to net income of $2,680.

Required - Prepare the balance sheet at March 31.