1. (a) The balance sheet required in this subchapter shall reflect the following:

   1. (1) positive equity or net worth balance;
   2. (2) unearned tuition as a current liability;
   3. (3) a current ratio of at least one-to-one; and
   4. (4) stockholder's equity or net worth exceeding the amount shown for goodwill, if applicable, under assets in the balance sheet.
2. (b) Compilations shall be accompanied by the owner's sworn statement.
3. (c) All financial statements shall identify the name , license number, and licensing state of the accountant associated with the statements and be in accordance with GAAP.

Source Note:The provisions of this §807.32 adopted to be effective August 16, 1998, 23 TexReg 8479.