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XYZ Company, INC.
Balance Sheet
For Year Ending December 31, 20XX
ASSETS
Current Assets
Cash 10,525
Accounts Receivable 27,000
Inventory 30,000
Prepaid Expenses 2,000
Total Current Assets 69,525
Fixed Assets
Property—net of depreciation 215,000
Equipment—net of depreciation 80,000
Vehicles—net of depreciation 5,000
Total Fixed Assets 300,000
Total Assets 369,525
LIABILITIES
Current Liabilities
Revolving lines of credit 20,000
Accounts Payable 5,000
Current Portion of Long-term Debt 15,000
Total Current Liabilities 40,000
Long-term Liabilities
Long-term debt and capital leases 45,500
Loans payable to stockholders 60,500
Total Long-term Liabilities 106,000
Total Liabilities 146,000
Stockholders Equity
Common stock 1,000
Additional Paid-in Capital 25,000
Retained Earnings (Cum from prior years) 53,190
Retained Earnings (From current P&L) 144,335
Total Stockholders Equity 223,525
Total Liabilities and Stockholders Equity 369,525
Number of Pages: 1 (Double Spaced)
Writing Style: APA
Number of sources: 3
American contract law draws upon centuries of commercial
transactions and traces its roots back to various sources of
law?primarily to English and American common law, or
judge?made law, and the United States Constitution. How would
you explain the relevance of these main sources of American
contract law to a colleague from another country where the laws
may differ?
1. What are the main sources of American contract law?
2. What is promissory estoppel and why is it permitted under a
contract theory?

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XYZ Company, INC. .docx

  • 1. XYZ Company, INC. Balance Sheet For Year Ending December 31, 20XX ASSETS Current Assets Cash 10,525 Accounts Receivable 27,000 Inventory 30,000 Prepaid Expenses 2,000 Total Current Assets 69,525 Fixed Assets Property—net of depreciation 215,000 Equipment—net of depreciation 80,000 Vehicles—net of depreciation 5,000 Total Fixed Assets 300,000 Total Assets 369,525 LIABILITIES
  • 2. Current Liabilities Revolving lines of credit 20,000 Accounts Payable 5,000 Current Portion of Long-term Debt 15,000 Total Current Liabilities 40,000 Long-term Liabilities Long-term debt and capital leases 45,500 Loans payable to stockholders 60,500 Total Long-term Liabilities 106,000 Total Liabilities 146,000 Stockholders Equity Common stock 1,000 Additional Paid-in Capital 25,000 Retained Earnings (Cum from prior years) 53,190 Retained Earnings (From current P&L) 144,335 Total Stockholders Equity 223,525 Total Liabilities and Stockholders Equity 369,525
  • 3. Number of Pages: 1 (Double Spaced) Writing Style: APA Number of sources: 3 American contract law draws upon centuries of commercial transactions and traces its roots back to various sources of law?primarily to English and American common law, or judge?made law, and the United States Constitution. How would you explain the relevance of these main sources of American contract law to a colleague from another country where the laws may differ? 1. What are the main sources of American contract law? 2. What is promissory estoppel and why is it permitted under a contract theory?