Greenbloom Garden Centers Is A Small Privately Held Corporation That Has Two Sto

Greenbloom Garden Centers is a small, privately held corporation that hastwo stores in Orlando, Florida. The Greenbloom family owns 100 percentof the company’s stock, and family members manage the operations. Salesat the company’s stores have been growing rapidly, and there appears to bea market for the company’s sales concept—providing bulk garden equipmentand supplies at low prices. The controller prepares the company’sfi nancial statements, which are not audited. The company has no debt butis considering expanding to other cities in Florida. Such expansion mayrequire long-term borrowings and is likely to reduce the family’s day-todaycontrol of the operations. The family does not intend to sell stock inthe company.

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