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Problem 1: Ima Broake is trying to expand her small business, Ima Fun Caterer. She has taken out a $10,000 loan for kitchen equipment and her company is currently worth $15,000. As her accountant, she has asked you about whether she can take on a new loan that the bank says she must have at least 25% equity in her business to obtain. The best response that you can give Ima is:
A. Ima can take out a loan of $10,000 as her company will then be worth $25,000 and the new $10,000 loan is less than 75% of the total value of the company.
B. The liquidity ratio shows that Ima Fun Caterer can take on an additional $5,000 in loans as long as the loans are not due in full for five more years.
C. Ima's debt to equity ratio is 66.7% so the bank will only approve an additional $1,125 as Ima's equity will then equal 25%.
D. Ima's debt to equity ratio is currently 150% so the bank will not approve any new loans for the business.
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