To make the best decision you must be able to identify the difference between your:

If a condominium owner breaches a condition in the CC&Rs this would be:

a. enforced by the local building department b. the same as violating a health code regulation c. more stringent than breaching a covenant d. the same as breaching a public restriction

Prepare a balance sheet using the information given below. Make sure to identify current assets, net fixed assets,

total assets, current liabilities, long-term debt, total equity, and total liabilities and equity. Gross fixed assets $40,000 Cash $18,000 Other assets $5,000 Accumulated depreciation $30,000 Common stock $43,000 Short-term notes payable $12,000 Accounts payable $35,000 Inventories $122,000 Retained earnings $100,000 Accounts receivable $60,000 Long-term notes payable $10,000 Long-term bonds payable $15,000 Sales $300,000 Cost of goods sold $150,000 Depreciation expense $3,000