Section 140.02. Definitions.

  In this chapter:

(1)  "Asset" means anything of value owned by the corporation, limited liability company, partner or sole proprietor.

(2)  "Current assets" means cash and assets, including trade or investment items, which may be readily converted into cash in the ordinary course of business within one year from the date of the balance sheet and include, but are not limited to, cash and equivalent, customer and factory receivables, inventories, last in first out reserves and marketable securities.

(3)  "Current liabilities" means liabilities which are due and payable within one year from the date of the balance sheet.

(4)  "Discounted" means an asset which is not considered at full value when determining the financial statement net worth.

(5)  "Financial institution" has the same meaning as found in s. 705.01 (3) , Stats.

(6)  "Financial statement" means a balance sheet showing assets, liabilities, and net worth on a fixed date.

(7)  "Intangible asset" means an asset which does not have a readily determined value, such as goodwill, and is not generally offered for sale.

(8)  "Letter of credit" means an irrevocable instrument issued by a financial institution guaranteeing payment on behalf of its customer to a beneficiary for a stated period of time and when certain conditions are met.

(9)  "Liability" means an obligation to pay money or other assets or to render a service to another person.

(10)  "Major liability" means a liability equal to or greater than 10% of the total liabilities listed on the financial statement.

(11)  "Net worth" means the difference between the asset and liability values on a balance sheet. Negative net worth is the excess of liabilities over assets.

(12)  "Pro-forma statement" means a financial statement that presents information that anticipates some event or events which will occur in the future.

(13)  "Recreational vehicle dealer" has the same meaning as found in s. Trans 142.02 (7) .

(14)  "Substantial portion of the assets" means a value greater than 30% of all assets.

History: Cr. Register, March, 1985, No. 351 , eff. 4-1-85; renum. (1) to (7) to be (4), (6), (7), (10), (11), (12) and (14) and am. (6) and (12), cr. (1) to (3), (5), (8), (9) and (13), Register, February, 1996, No. 482 , eff. 3-1-96.