Jo Company reports the following on 12.31.09 (in thousand $s);Cash and Receivables 280 Accounts Payable 60;Merchandise 125 Payroll Payable 10;Prepaid Insurance 25 Taxes Currently Payable 10;Long Term Investments 110 Notes Currently Payable 50;Land 200 Capital Stock 500;Equipment (book value) 110 Retained Earnings 220;Jo has a bank loan with a covenant requiring a working capital ratio of at least 3 to 1.;Is Jo in technical default on the loan? Please explain how you have arrived at your conclusion and show your work
Technical default on the loan
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