Corby Spirit and Wine Limited is a leading Canadian marketer and distributor of premium spirits and wine brands. Obtain a copy of the company's comparative financial statements for the year ended June 30, 2018, from the company's website (www.corby.ca). 

Instructions 

a. Prepare a summary report of Corby's cash activities during its years ended June 30, 2018 and 2017, at the subtotal level of operating, investing, and financing activities, and a comparative report for the preceding fiscal year. Do you notice a major difference in Corby's statement of cash flows from other statements you have read or prepared in the past? Discuss the source of this major difference. 

b. Is Corby a capital-intensive business that requires high levels of investments of cash? Does Corby have a high level of debt on its consolidated balance sheet? What are the main sources of its financing activities? 

c. How did Corby choose to classify interest paid, interest received, and dividends paid on the statement of cash flows? What were the amounts for these items for fiscal year 2018? 

d. Obtain the amounts of cash dividends paid in 2018 and 2017. Calculate the amount of the dividends as a percentage of the cash derived from operating activities. Calculate the payout ratio. Comment on the reasonableness of the amounts paid out as dividends.