Business, 04.04.2020 04:24 evanwall91

Halifax Corporation has a December 31 scal 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 banka. Prior to issuance of its Year 1 nancial 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 nancial 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 scal year end. As of December 31, Year 1, the company has a de...

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