Refer to the quarterly financial report near the end of the notes to the financial statements in

Question:

Refer to the quarterly financial report near the end of the notes to the financial statements in CVS’s annual report. Is CVS’s a seasonal business? Would you expect short-term borrowings and accounts payable to be unusually high or unusually low at the balance sheet date of December 31, 2008? Read CVS’s note on commitments and contingencies. What commitments and contingencies does the company have? Why is it important to consider this information in connection with payables analysis?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...