Your response should include at least 75 words.

1. Are customers assets? To obtain financing for her hair salon, Valerie asked you to prepare a balance sheet for her business. When she sees it, she is disappointed that the assets exclude a value for her list of loyal customers. What can you tell her to explain why this asset has been excluded? Knowing this, what should she tell her banker when they meet next week.

2. Valeries equity. Valerie likes to plan ahead. She wants to make sure that when the holidays are here, they will be bigger and better since she now owns her own business. She sees the amount for equity and asks how much of that she will be able to spend. She is hoping to spend all of it. What will you tell her?