Mary and Jack Gray, local golf stars, opened the Chip-Shot Driving Range on March 1, 2012, by investing $25,000 of their cash in the business. The Grays leased five acres of land at a cost of $1,000...

Mary and Jack Gray, local golf stars, opened the Chip-Shot Driving Range on March 1, 2012, by investing $25,000 of their cash in the business. The Grays leased five acres of land at a cost of $1,000 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. All revenues from customers were deposited in the company’s cash account. On March 15, Mary and Jack withdrew a total of $1,000 in cash for personal living expenses. A $100 utility bill was received on March 31 but was not paid. On March 31, the balance in the company’s cash account was $27,400.Instructions:A. What was the revenue earned in March?B. Prepare an income statement, determine the actual net income for March.