Current Attempt in Progress Excerpts from the 2020 statement of income, statement of operations, and notes to the financial statements of High Liner Foods Inc. are in Exhibits 2.21A to 2.21C. Although it is a Canadian company, based in Lunenburg, Nova Scotia, High Liner prepares its financial statements in U.S. dollars. However, the general format and accounting policies are similar to the financial statements you have seen so far. EXHIBIT 2.21A High Liner Foods Incorporateds 2020 Consolidated Statement of Income HIGH LINER FOODS INCORPORATED Consolidated Statement of Income (in thousands of United States dollars, except per share amounts) Notes Fifty-three weeks ended Fifty-two weeks ended January 2, 2021 December 28, 2019 Sales 24 $827,453 $942,224 Cost of sales 649,529 756,364 Gross profit 177,924 185,860 Distribution expenses 45,076 45,759 Selling, general and administrative expenses 73,736 90,019 Impairment of property, plant and equipment 8 974 Business acquisition, integration and other expenses 2,957 1,572 Results from operating activities 56,155 47,536 Finance costs 28 19,483 33,012 Income before income taxes 36,672 14,524 Income taxes Current 18 6,535 3,356 Deferred 18 1,335 879 Income tax expense 7,870 4,235 Net income $28,802 $10,289 EXHIBIT 2.21B High Liner Foods Incorporateds 2020 Consolidated Statement of Financial Position HIGH LINER FOODS INCORPORATED Consolidated Statement of Financial Position (in thousands of United States dollars) Notes January 2, 2021 December 29, 2019 ASSETS Current assets Cash $32,935 $3,144 Accounts receivable 6 60,927 85,089 Income taxes receivable 2,609 3,494 Other financial assets 25 211 236 Inventories 7 250,861 294,913 Prepaid expenses 4,176 4,322 Total current assets 351,719 391,198 Non-current assets Property, plant and equipment 8 107,221 108,986 Right-of-use assets 9 15,018 11,792 Deferred finance costs 11 287 Deferred income taxes 18 2,401 2,134 Other receivables and assets 25 47 34 Intangible assets 10 142,168 148,893 Goodwill 10 157,697 157,457 Total non-current assets 424,839 429,296 Total assets 11, 14 $776,558 $820,494 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities Bank loans 11 $ $37,546 Accounts payable and accrued liabilities 12 114,326 141,238 Contract liability 19 4,351 3,581 Provisions 13 3,327 329 Other current financial liabilities 25 2,735 861 Other current liabilities 17 2,731 4,881 Income taxes payable 41 2,102 Current portion of long-term debt 14 20,185 14,511 Current portion of lease liabilities 9 4,866 4,582 Total current liabilities 152,562 209,631 Non-current liabilities Long-term debt 14 268,048 289,020 Other long-term financial liabilities 25 329 292 Other long-term liabilities 17 6,510 3,031 Long-term lease liabilities 9 10,722 7,198 Deferred income taxes 18 31,071 30,182 Future employee benefits 15 16,314 12,970 Total non-current liabilities 332,994 342,693 Total liabilities 485,556 552,324 Shareholders equity Common shares 16 112,739 112,887 Contributed surplus 16,551 16,028 Retained earnings 183,649 162,773 Accumulated other comprehensive loss (21,937) (23,518) Total shareholders equity 291,002 268,170 Total liabilities and shareholders equity $776,558 $820,494 EXHIBIT 2.21C Excerpt from High Liner Foods Incorporateds 2020 Consolidated Financial Statements 24. Geographic information Sales earned outside of Canada for the fifty-three weeks ended January 2, 2021 were $626.2 million (fifty-two weeks ended December 29, 2019: $712.4 million). Sales by geographic area are determined based on the shipping location. Use the exhibits to answer the following questions. What percentage of High Liners assets was financed by Liabilities? (Round answers to 1 decimal place, e.g. 52.7%.) 2020 enter percentages rounded to 1 decimal place % 2019 enter percentages rounded to 1 decimal place % Has this percentage increased or decreased from 2019? select an option eTextbook and Media How much did total assets change in 2020 over 2019? (Enter amounts in thousands of dollars. Round percentage answer to 1 decimal place, e.g. 52.7%.) 2020 2019 Total assets $enter a dollar amount $enter a dollar amount Total assets select an option by $enter a dollar amount or ente percentages rounded to 1 decimal place % eTextbook and Media What was High Liners gross profit as percentage of revenues in 2020? (Round answers to 1 decimal place, e.g. 52.7%.) 2020 2019 Gross Profit Percent enter percentages rounded to 1 decimal place % enter percentages rounded to 1 decimal place % How did this compare with 2019? High Liners gross profit was select an option in 2020 relative to 2019. eTextbook and Media In the accompanying notes to the financial statements, High Liner discloses separately the sales earned outside of Canada. Determine the change in High Liners sales outside of Canada. Base your answers on High Liners note 24, Geographic information (Exhibit 2.21C). (Round answers to 1 decimal place, e.g. 52.7%.) Sales 2020 Sales 2019 Decrease As a % Change in sales Outside of Canada $enter a dollar amount rounded to 1 decimal place $enter a dollar amount rounded to 1 decimal place $enter a dollar amount rounded to 1 decimal place enter percentages rounded to 1 decimal place % Change in sales in Canada enter a dollar amount rounded to 1 decimal place enter a dollar amount rounded to 1 decimal place enter a dollar amount rounded to 1 decimal place enter percentages rounded to 1 decimal place % Total $enter a total amount rounded to 1 decimal place $enter a total amount rounded to 1 decimal place $enter a total amount rounded to 1 decimal place enter percentages rounded to 1 decimal place % eTextbook and Media