INDE433 Assignment #1 The balance sheet items of the Original Mall Shop (arranged in alphabetical order) were as follows at the close of business on September 30, 2015: Accounts Payable.........$ 8,500 Accounts Receivable..... 1,250 Building . .. 45.500 Cash 7,400 Furniture and Fixtures 20.000 Land.. .......... .... Kay Martin Capital, Capital Notes Payable................ Supplies ....................... 555.000 54,000 ? 3.440 The transactions occurring during the first week of October were: Oct. 3 Martin invested an additional S 30,000 cash in the business. The accounts payable were paid in full but no payment was made on the notes payable) Oct 6. More furniture was purchased, on account at a cost of $18,000 to be paid within 30 days. Supplies were purchased for $1.000 cash from a restaurant supply center that was going to out of business. The supplies would have cost $1.875 if purchased under normal circumstances. Oct 1-6 Revenues of $5,500 were earned and paid in cash. Expenses required to earn the revenues of $4.000 were incurred and paid in cash (a) Prepare a balance sheet at September 30, 2015. (You will need to compute the missing figure for Notes Payable.) (b) Prepare a balance sheet at October 6, 2015. (c) Assume that the note payable does not come due for several years. Is the Original Malt Shop in a stronger financial position on September 30 or on October 6? Explain briefly