High River Computing Began Operations on January 1, 2013 Required

question 51

Essay

High River Computing began operations on January 1, 2013.The following information was taken from the financial statements prepared at the end of its first fiscal year, December 31, 2013. $$\begin{array} { l r } \text { Cash } & \$ 6,750 \\\text { Accounts receivable } & 126,000 \\\text { Inventory } & 459,000 \\\text { Prepaid expenses } & 4,450 \\\text { Accounts payable } & 118,600 \\\text { Short-term bank loan } & 50,000 \\\text { Sales } & 1,135,000 \\\text { Credit sales } & 800,450\end{array}$$ Required:

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Definitions:

Formalize Agreement

The action of making an agreement official or legally binding through the proper channels and documentation.

Union Proposals

Suggestions or demands put forward by a labor union during negotiations with employers about terms of employment, wages, and workplace conditions.

Decertify

The process of revoking or removing the official recognition or certification of a role, organization, or activity, often related to unions.

Bargain

The act of negotiating terms between two parties, such as between employers and employees over wages and working conditions.