Problem 1. At September 1, the balance sheet accounts for Stanley’s Restaurant were as follows:
• Accounts Payable $ 3,800
• Land $33,000
• Accounts Receivable 1,600
• Owner’s Capital ?
• Buildings 68,000
• Notes Payable 48,000
• Cash 10,000
• Supplies 6,600
• Equipment 18,700
The following transactions occurred during the next two days:
• Stanley invested an additional $22,000 cash in the business.
• The accounts payable were paid in full. (No payment was made on the notes payable.)
Instructions: Prepare a balance sheet at September 3, 2011.