Betsy and Bill, local golf stars, opened the B & B Driving Range on March 1.
1. They invested $10,000 of their cash savings in the business.
2. A caddy shack was constructed for cash at a cost for $4,000.
3. An additional $800 was spent on golf balls and golf clubs.
4. Bill and Betsy leased five acres of land at a cost of $1,000 per month and paid the first
month’s rent.
5. During the first month, advertising costs totaled $750 of which $150 was unpaid on March 31.
6. The members of the golf team were paid $400 for retrieving golf balls.
7. On March 15, Betsy and Bill withdrew a total of $800 in cash for personal living expenses.
8. A $100 utility bill was received on March 31 but it was not paid before the end of the month.
Instructions: (Use the worksheet supplied for this exercise.) Hint: there are a total of 8 transactions
required. (17 points total)
NOTE: You are only required to post the 8 transactions BUT for an added challenge, answer the
following:
All fees from customers were deposited in the company’s bank account. On March 31, the balance in
the company’s bank account was $8,550. Betsy and Bill thought they had a pretty good first month of
operations. However, their estimates of profit for March ranged from a loss of $1,450 to a net profit of
$3,900.
a. Compute the balance sheet and income statement totals. (5 points extra)
b. What were sales for the month of March? (1 point extra)
c. Compute the actual net profit or loss for March. (1 point extra)
Centerpiece Arrangements



Statement of Retained Earnings



Year Ended December 31, 2024




































Net Income