Decision-Making Across the Organization Whitegloves Janitorial Service was started 2 years ago by 201 7. Ifthese trgns are not met, the bank loan will be refinanced-S%=nest A, December 11, 2017 the aceea ia ia wherem liini aver le pped foi lane a e Lyna Sanders Because business hn been excepionally good, Lyna docided on Jaly 1,2917, ots by quring dditonal tck nd g twe oe tn To Sancr de WHITEGLOVES JANITORIAL SIR?CE December 31, 2017 Current assets Current liablities Cash 6.500 9,000 $10,000 Accounts payable Long term liability Total liabilnies Supplies Prepaid inarance 5,200 Total current iabdnies $12.500 Total current ansets 25.500 Notos peyable 15,000 Property plant, and egiipment 22000 Delivery tnwks (net)3400 10,000 Total property, plant, and Retained earnings 4 000 Total assets 81,500 Total lahilities and Lynn presented the balance sheet to the bank's loan officer on Jaary 2 mmediately realized that the balance 1. Unbelled janitorial services performed were $3,700 2 Janitorial supplies on hand were $2,500 r sheet had been prepared from a wial balance and not omn duted wl hle The nle at at th eahed cod of th n Prepad insurance was a 3 year policy dated Janmuary 1, 201 4. December expenses incurred but unpaid at December 31,5500 5. Interest on the bank loan was not recorded e sheet wewe s January 1, 2017. Depreciation for 2017 was $2,000 for cleaning equipment and $5,000 for delivery truck With the class divided into groups, answer the followng (a) Prepare a correct balance sheet b) Were the terms of the bank loan met? Explain