Wisconsin § 126.01 - General definitions.

§ 126.01. General definitions.

In this chapter: 126.01(1) (1) “Affiliate” means any of the following persons: 126.01(1)(a) (a) An owner, major stockholder, partner, officer, director, member, employee, or agent of a contractor. 126.01(1)(b) (b) A person owned, controlled, or operated by a person under par. (a) . 126.01(2) (2) “Asset” means anything of value owned by a person. 126.01(3) (3) “Audited financial statement” means a financial statement on which an independent certified public accountant licensed or certified under ch. 442 has done all of the following: 126.01(3)(a) (a) Stated that the financial statement presents fairly, in all material respects, the financial position of a contractor as of a specific date or for a specific period, according to one of the following: 126.01(3)(a)1. 1. Generally accepted accounting principles. 126.01(3)(a)2. 2. The historical cost basis method of accounting, if the financial statement is a sole proprietor’s personal financial statement and the financial statement is prepared on a historical cost basis. 126.01(3)(b) (b) Conducted an audit according to generally accepted auditing standards. 126.01(4) (4) “Balance sheet” means a statement of assets, liabilities, and equity on a specific date. 126.01(5) (5) “Contractor,” unless otherwise qualified, means any of the following: 126.01(5)(a) (a) A grain dealer, as defined in s. 126.10 (9) . 126.01(5)(b) (b) A grain warehouse keeper, as defined in s. 126.25 (9) . 126.01(5)(c) (c) A milk contractor, as defined in s. 126.40 (8) . 126.01(5)(d) (d) A vegetable contractor, as defined in s. 126.55 (14) . 126.01(6) (6) “Current assets” means cash and other assets, including trade or investment items, that may be readily converted into cash in the ordinary course of business within one year after the date as of which the value of those assets is determined. 126.01(7) (7) “Current liabilities” means those liabilities that are due within one year after the date as of which the value of those liabilities is determined. 126.01(8) (8) “Department” means the department of agriculture, trade and consumer protection. 126.01(9) (9) “Equity” means the value of assets less the value of liabilities. 126.01(10) (10) “Equity statement” means a report of the change in equity from the beginning to the end of the accounting period covered by the report. 126.01(11) (11) “Fund” means the agricultural producer security fund established under s.