For this assignment, you will need to obtain the most recent annual report for Gildan Activewear Inc. This assignment will require you to upload a file containing your answers within WileyPLUS. When you are ready to submit your assignment, click "Start Assignment" at the top of the screen. This will open up the file upload area. When you upload your answers to the assignment, you must also upload the annual report as an additional (and separate) file. Your answers, and the annual report, should be uploaded only in PDF format. You will only be able to submit once, so make sure both documents are attached to your submission and make sure to click "Submit Assignment" when you are done. This assignment uses information from a real company. As such, terminology within the annual report might differ from the textbook, but the underlying substance remains the same. Pay close attention to the terminology used and ensure you seek out information that is mo closely aligned with the textbook. Use the annual report you have obtained to answer the following questions*: 1. Who, or what larger group/entity, is responsible for preparing the financial statements and accompanying notes? (1 mark) 2. What was the opinion of the auditors? (1 mark) 3. Discuss what this opinion means regarding the accuracy of the financial statements. (4 marks) 4. What is the fiscal year end for the years shown in the financial statements? What will the next fiscal year end date for Gildan Activewear Inc. be? (3 marks) 5. What is the basis of measurement for the numbers in the financial statements? Are there any exceptions to this? If so, indicate what they are and what their basis of measurement is. (6 marks) 6. What cost formula does Gildan Activewear Inc. use for valuing the cost of its inventory? (1 mark) 7. Calculate the current ratio for the fiscal year(s) shown in the financial statements. Comment on your results. Also, comment on the usefulness of this ratio as calculated (not in general). If it is not feasible to calculate for a year in the financial statements, indicate why not, and what you would do to obtain the necessary information. (5 marks) 8. Calculate the receivables turnover ratio and the average collection period for the fiscal year(s) shown in the financial statements. If it is not feasible to calculate for a year in the financial statements, indicate why not, and what you would do to obtain the necessary information. (5 marks) 9. What is the carrying amount of long-term leased assets for the most recent fiscal year, if any? (2 marks) 8. Calculate the receivables turnover ratio and the average collection period for the fiscal year(s) shown in the financial statements. If it is not feasible to calculate for a year in the financial statements, indicate why not, and what you would do to obtain the necessary information. (5 marks) 9. What is the carrying amount of long-term leased assets for the most recent fiscal year, if any? (2 marks) .0. What is the period over which Gildan Activewear Inc. depreciates land? What is the amount of the depreciation expense for land in the most recent fiscal year? (2 marks) .1. Calculate the inventory turnover ratio for the most recent fiscal year. (2 marks) .2. Calculate basic earnings per share for the most recent fiscal year. (2 marks) *IMPORTANT: Except for Question 1 and 2, only use numbers and information from audited sections of the annual report. Show all calculations. Provide page numbers to support every number or piece of information taken from the annual report. There is no specific format these page numbers need to take, but the source of your numbers and information must be clear. Use rounding and number format consistent with that found in the annual report, except for ratio calculations. For ratio calculations round to two decimal places. (6 marks) For this assignment, you will need to obtain the most recent annual report for Gildan Activewear Inc. This assignment will require you to upload a file containing your answers within WileyPLUS. When you are ready to submit your assignment, click "Start Assignment" at the top of the screen. This will open up the file upload area. When you upload your answers to the assignment, you must also upload the annual report as an additional (and separate) file. Your answers, and the annual report, should be uploaded only in PDF format. You will only be able to submit once, so make sure both documents are attached to your submission and make sure to click "Submit Assignment" when you are done. This assignment uses information from a real company. As such, terminology within the annual report might differ from the textbook, but the underlying substance remains the same. Pay close attention to the terminology used and ensure you seek out information that is mo closely aligned with the textbook. Use the annual report you have obtained to answer the following questions*: 1. Who, or what larger group/entity, is responsible for preparing the financial statements and accompanying notes? (1 mark) 2. What was the opinion of the auditors? (1 mark) 3. Discuss what this opinion means regarding the accuracy of the financial statements. (4 marks) 4. What is the fiscal year end for the years shown in the financial statements? What will the next fiscal year end date for Gildan Activewear Inc. be? (3 marks) 5. What is the basis of measurement for the numbers in the financial statements? Are there any exceptions to this? If so, indicate what they are and what their basis of measurement is. (6 marks) 6. What cost formula does Gildan Activewear Inc. use for valuing the cost of its inventory? (1 mark) 7. Calculate the current ratio for the fiscal year(s) shown in the financial statements. Comment on your results. Also, comment on the usefulness of this ratio as calculated (not in general). If it is not feasible to calculate for a year in the financial statements, indicate why not, and what you would do to obtain the necessary information. (5 marks) 8. Calculate the receivables turnover ratio and the average collection period for the fiscal year(s) shown in the financial statements. If it is not feasible to calculate for a year in the financial statements, indicate why not, and what you would do to obtain the necessary information. (5 marks) 9. What is the carrying amount of long-term leased assets for the most recent fiscal year, if any? (2 marks) 8. Calculate the receivables turnover ratio and the average collection period for the fiscal year(s) shown in the financial statements. If it is not feasible to calculate for a year in the financial statements, indicate why not, and what you would do to obtain the necessary information. (5 marks) 9. What is the carrying amount of long-term leased assets for the most recent fiscal year, if any? (2 marks) .0. What is the period over which Gildan Activewear Inc. depreciates land? What is the amount of the depreciation expense for land in the most recent fiscal year? (2 marks) .1. Calculate the inventory turnover ratio for the most recent fiscal year. (2 marks) .2. Calculate basic earnings per share for the most recent fiscal year. (2 marks) *IMPORTANT: Except for Question 1 and 2, only use numbers and information from audited sections of the annual report. Show all calculations. Provide page numbers to support every number or piece of information taken from the annual report. There is no specific format these page numbers need to take, but the source of your numbers and information must be clear. Use rounding and number format consistent with that found in the annual report, except for ratio calculations. For ratio calculations round to two decimal places. (6 marks)