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S1-11 Smart Touch Learning, Inc., for the month

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S1-11 Prepare the balance sheet [10 min]Examine Exhibit 1-6. The exhibit summarizes the transactions of Smart Touch
Learning, Inc., for the month of April 2013. Suppose the business has completed
only the first seven transactions and needs a bank loan on April 21. The vice president
of the bank requires financial statements to support all loan requests.

Requirement1. Prepare the balance sheet that the business would present to the banker after
completing the first seven transactions on April 21, 2013. Exhibit 1-7 shows the
format of the balance sheet.

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