we must get it", Courtney Lowell president of Industrial Fasteners, roared. "Without it we're in big trouble." The "it" Mr. Lowell referred to is the renewal of a $14 million loan with community First Bank. The big trouble he fears is the lack of funds necessary to repay the existing debt and few, if any prospects for raising the funds else where Mr. Lowell has just hung up the phone after a conversation with the bank's vice president in which it was made clear that this year's statement of cash flows must look better than last year's. Mr. Lowell knows that improvements are not on course to happen in fact cash flow projections were dismal. Later that day Tim Cratchet assistant controller was summoned to Mr. Lowells office Lowell told cratchet that he has looked at their accounts receivable, he said that he thinks we can generate quite a bit of cash by selling or factoring some of those receivables I know it will cost us more than if we collect them ourselves but it sure will make our cashflow picture look better Is there an ethical question facing Cratchet