Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with the following questions. 1. Using only the statement of financial position, calculate the percentage of the largest current liability account to total

Need help with the following questions.

image text in transcribed

image text in transcribed

1. Using only the statement of financial position, calculate the percentage of the largest current liability account to total liabilities for 2018. Record your answer in percentage format and round to two decimals.

2. Examine the notes to the financial statements and report the amount charged to provisions in 2018

3. Compute the quick ratio for 2018. If there are derivative assets, treat them as a quick asset. Round your answer to the fourth decimal place.

4. Compute the accounts payables turnover ratio for 2018 and 2017. Use cost of sales in your calculation. Round your answer to two decimals.

5. Compute the debt-to-equity ratio for 2018. Round your answer to the fourth decimal

Consolidated Balance Sheets As at March 31, 2018 As at April 1 2017 (thousands of Canadian dollars) ASSETS Current Cash and cash equivalents (note 6) Short-term investments (note 6) Accounts receivable Inventories (note 7) Prepaid expenses Derivative assets (note B) Assets held for sale (note 11) Total current assets Property, plant, and equipment (note 9) Intangible assets (note 10) Equity investments (note 22) Deferred tax assets (note 12) Total assets 150,256 60,000 6,747 264,586 4,124 1,439 130,438 100,000 7,448 231,576 11,706 266 1,037 482,471 65,078 15,272 1,800 43,981 608,602 487,152 82,314 24,215 4,330 35,563 633,574 170,611 50,396 110 12,852 360 LIABILITIES AND EQUITY Current Accounts payable and accrued liabilities (note 21) Unredeemed gift card liability Provisions (note 13) Deferred revenue Income taxes payable Derivative liabilities (note 8) Total current liabilities Long-term accrued liabilities (note 21) Long-term provisions (note 13) Total liabilities Equity Share capital (note 15) Contributed surplus (note 16) Retained earnings Accumulated other comprehensive income nate ) Total equity Total liabilities and equity 176,479 44,218 166 8,807 152 327 230,149 2,283 45 232,477 234,329 2,378 51 236,758 221,854 11,621 166,807 815 215,971 10,671 145,007 195 371,844 608,602 401,097 633,574 Consolidated Statements of Earnings and Comprehensive Earnings 52 week period ended March 31. 2018 52 week period ended April 1. 2017 (thousands of Canadian dollars, except per share data) Revenue (note 17) Cost of sales Gross profit Operating, selling, and administrative expenses (notes 9, 10 and 17) Operating profit Net interest income Share of earnings from equity investments (note 22) Earnings before income taxes Income tax expense (note 12) Current Deferred Net earnings 1,079,425 (604,094) 475,331 (448,909) 26,422 3,010 1,049 30,481 1,019,845 (565,640) 454,205 (428,981) 25,224 2.196 1,617 29,037 (489) (8,192) 21,800 (335) (7,784) 20,918 (2,648) 1,357 Other comprehensive income note 8) Items that are or may be reclassified subsequently to net earnings: Net change in fair value of cash flow hedges [net of taxes of 897: 2017-(496)] Reclassification of net realized (gain) loss Inet of taxes of (1,194); 2017 - 425) Other comprehensive income Total comprehensive earnings 3,268 620 22,420 (1,162) 195 21,113 Net earnings per common share inote 18) Basic Diluted $0.81 $0.80 $0.79 $0.78 See accompanying notes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Study Guide To Accompany Financial Accounting In An Economic Context

Authors: Jamie Pratt

6th Edition

0471731110, 978-0471731115

More Books

Students also viewed these Accounting questions