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Engagements Ltd. manufactures rings and sells only to retailers. On August 1, 2021, management met to discuss the financial year ending December 31, 2021. Due to the Covid-19 pandemic, Engagements Ltd. was having difficulty collecting its accounts receivable, and its cash position was unusually low. Management knew that if the December 31, 2021 balance sheet will not look good, the company will have diffculty borrowing money it would need to boost production for Valentine's Day in 2022. The purpose of the meeting was to explore ways in which Engagements Ltd. might improve its December 31, 2021 balance sheet.
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