20X9 ASSETS CURRENT...
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Accounting
| 20X9 | |
| ASSETS | |
| CURRENT | |
| Cash | 564,911 |
| Trade and other receivables | 8,158,139 |
| Unbilled revenue | 2,679,949 |
| 11,402,998 | |
| EQUIPMENT (Note 3) | 541,404 |
| $ 11,944,402 | |
| LIABILITIES | |
| CURRENT | |
| Bank indebtedness | - |
| Trade and other payables | 4,048,068 |
| Government remittances | 270,883 |
| 4,318,952 | |
| PROMISSORY NOTE | 3,500,000 |
| 3,500,000 | |
| SHAREHOLDERS EQUITY | |
| Share capital (Note 4) | 200 |
| Retained earnings | 4,125,250 |
| 4,125,450 | |
| $ 11,944,402 |
| Credit Facilities | Details |
| New debt: | 1,000,000.00 |
| Amortization (months): | 72 |
| Number of periods (years): | |
| Rate: | 5.1% |
| Annual Payment | |
| Credit Line: | 3,000,000.00 |
| Spread: | |
| Prime: | 3.0% |
| All-in: | |
| Projected utilization: |
| What is Richardson Repair Services' 20X9 Total Liabilities to Equity ratio, tested under the following assumptions: |
| 1. The $1MM loan is drawn |
| 2. The operating line is being tested at 75% average utilization, and |
| 3. The promissory note to Ahmed is postponed (or subordinated), and therefore is to be treated as equity |
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