Business, 07.10.2019 21:30 santileiva123199
Halifax corporation has a december 31 fiscal year-end. as of december 31, year 1, the company has a debt covenant violation that results in a 10-year note payable to nova scotia bank becoming due on march 1, year 2. halifax will be required to classify the 10-year note payable as a current liability unless it obtains a waiver from the bank:
(a) prior to issuance of its year 1 financial statements that gives the company until january 1, year 3, to rectify the debt covenant violation.
(b) prior to december 31, year 1, that gives the company until january 1, year 3, to rectify the debt covenant violation.
(c) prior to issuance of its year 1 financial statements, that gives the company until june 30, year 2, to rectify the debt covenant violation.
(d) prior to december 31, year 1, that gives the company until june 30, year 2, to rectify the debt covenant violation.
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Halifax corporation has a december 31 fiscal year-end. as of december 31, year 1, the company has a...
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