Hensley, Inc

question 279

Essay

Hensley, Inc. reports the following liabilities (in thousands) on its January 31, 2014, balance sheet and notes to the financial statements. Instructions
Prepare the liabilities section of Hensley's balance sheet as at January 31, 2014.

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Definitions:

Commercial Speech

Communication (such as advertising) that is done on behalf of a company or individual for the intent of making a profit.

Obscene Speech

Expression or content deemed offensive or morally unacceptable by societal standards, often subject to legal restrictions.

First Amendment

An amendment to the U.S. Constitution that guarantees freedoms concerning religion, expression, assembly, and the right to petition.

Establishment Clause

The provision in the First Amendment to the U.S. Constitution that prohibits Congress from creating any law “respecting an establishment of religion.”