Business Law case study 0098: Total Current Assets $153,265.00 Total Current Liabilities $136,450.00 Property, Plant, & Equipment Long term liabilities Land $70,000.00 Note payable $360,000.00 Building $350,000.00 Total Liabilities $496,450.00 Accumulated depreciation - building $(10,000.00) Equipment $80,000.00 Stockholders' Equity Accumulated depreciation - equipment $(20,000.00) Common Stock $160,000.00 Leased equipment $92,000.00 Retained Earnings $47,315.00 Accumulated depreciation - leased equipment $(11,500.00) Total Stockholders' Equity $207,315.00 Total Property, Plant, & Equipment $550,500.00 Total Assets $703,765.00 Total Liabilities & Stockholders' Equity $703,765.00b Glenwood Company Statement of Cash Flows For year ended December 31, 20X1 Cash Flows from Operating Activities Net income $92,742 Adjustments Depreciation on PP&E 19,000 Interest on note payable 6,650 Changes in current assets Accounts receivable (98,406) Inventory (62,800) Changes in current liabilities Accounts payable 26,440 Net cash from operating activities $(16,374) Cash flows from investing activities Purchases of PP&E (500,000) Net cash from investing activities $(500,000) Cash flows from financing activities Proceeds from long term debt 400,000 Payment on long term debt (20,000) Net cash from financing activities $380,000 Net increase (decrease) in cash (136,374) Cash balance January 1, 20X1 - Cash balance December 31, 20X1 $(136,374) 8 Glenwood Company Classified Balance Sheet As of December 31, 20X1 Assets Liabilities Current Assets Current Liabilities Cash $426.00 Accounts payable $26,440.00 Accounts Receivable $99,400.00 Interest payable $6,650.00 Allowance for Bad Debts $(994.00) Current portion of note payable $20,000.00 Inventory $62,800.00 Total Current Liabilities $53,090.00 Total Current Assets $161,632.00 Long term liabilities Property, Plant, & Equipment Note payable $360,000.00 Land $70,000.00 Total Liabilities $413,090.00 Building $350,000.00 Accumulated depreciation - building $(10,000.00) Stockholders' Equity Equipment $80,000.00 Common Stock $160,000.00 Accumulated depreciation - equipment $(9,000.00) Retained Earnings $69,542.00 Total Property, Plant, & Equipment $481,000.00 Total Stockholders' Equity $229,542.00 Total Assets $642,632.00 Total Liabilities & Stockholders'

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Question 4

1. What effect do some _____ laws have on businesses? _____.

2. Limited ___ is a characteristic of what form of _____ ownership?

3. An important _____ of full-disclosure laws and _____ is to ______.

4. Which of the following has the ____ responsibility to make decisions on behalf of a company's____:

5. Which of the following is an _____ deduction: _____.

6. Last year, Mr. McKinney gave a portion of his wages to a local charity and was not required to pay taxes on the amount of his donation. This is an example of a(n)

7. Michelle is a small business owner who has _______ information in her computer files. She has wasted a lot of time and money sending mail to customers who have moved or have received multiple copies of her mailings. What type of computer ______ should Michelle use to update her customer database?

8. What are _____ risks to a business that fails to follow ______ regulations

9. Which of the following reasoning processes does a ______ use to identify financial system transactions that are very similar to each other but are not exactly alike

10. What type of _____ do businesses use to inspect financial _____ and to ensure that they are in compliance with government regulations?