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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 35
Prepare the balance sheet
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.
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 1-7 shows the format of the balance sheet.
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.
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 1-7 shows the format of the balance sheet.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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