You arc beginning the 2016 audit of Alta Tierra Companys long-term debt, and you determine that the
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Research the related generally accepted accounting principles and prepare a short memo to your audit partner that answers whether the long-term debt should be reclassified. How would your answer change if First Bank of Apex granted a 15-month waiver as opposed to the 90-day waiver? How would your answer change if Alta Tierra met the 2016 year-end covenant, but it was probable that the first quarter 2017 current ratio covenant would be violated? Cite your references and applicable paragraph numbers.
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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