Prepare the balance sheet [10 min]Examine Exhibit. The exhibit summarizes the transactions...

Prepare the balance sheet [10 min]

Examine Exhibit. 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.

Requirement

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

Financial Statements of Smart Touch Learning, Inc.

Analysis of Transactions, Smart Touch Learning, Inc.