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Can the unaudited FS be modified in order to meet bank covenant for financing?
Need financing from the bank and the company has to meet 1.5:1 Current Ratio - bank covenant.
The Financial statements are unaudited . What can be changed on the balance sheet to meet the current ratio requirement and get the financing from the bank? The only note in the case is that the provision for warranties is doubled because of higher than usual customers claims for faulty products And, that the board of directors approved a $10 Mil dividend. |
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