What red flags can be identified from Poseidons financial statements? In your discussion, include an analysis of Poseidons average collection period and a comparison of the accounts receivable practices of Poseidon and Open Rang

CAMIDIT 1.PUJCIDUN MISIUNILALTIIRIVCIAL JIRICIVICII NI UHINUUURID) Panel A: Statements of Financial Position March 31, 2012 June 30, 2012 September 30, December 31, 2012 2011 Statements of Financial Position Assets Current assets: Cash and cash equivalents Accounts receivable Prepaid expenses and deposits Inventory 1,828 83,018 720 4,108 89.674 6,945 45,589 142,208 12,124 118,641 2,507 6,430 139,702 2,586 50,471 192,759 3,461 125,516 4,362 6,507 139,846 2,484 59,451 201,781 53,595 1,105 2,856 57,556 11,492 33,836 102,884 Deferred taxes Property, plant, and equipment 17,803 24,052 23,102 12,437 Liabilities Current liabilities: Accounts payable and accrued liabilities Dividends payable Current taxes payable Bank indebtedness Due to Open Range Note payable 7,296 7,299 6,600 7,405 6,600 O COLLO 6,725 204 18,305 36,419 10,066 84,156 10,000 35,099 37,951 37,107 Deferred taxes Long-term debt 1,635 55,544 94,286 34,544 72,495 35,099 84,156 Shareholders' Liabilities: Share capital Contributed surplus Accumulated other comprehensive income (loss) Retained earnings (deficit) 378,603 7,074 (584) 92,616 9,256 783 92,616 11,566 (232) 299,531 5,315 188 (277,984) 107,109 142,208 17,609 120,264 192,759 3,545 107,495 201,781 (286,306) 18.728 102,884 CAMIDIT 1.PUJCIDUN MISIUNILALTIIRIVCIAL JIRICIVICII NI UHINUUURID) Panel A: Statements of Financial Position March 31, 2012 June 30, 2012 September 30, December 31, 2012 2011 Statements of Financial Position Assets Current assets: Cash and cash equivalents Accounts receivable Prepaid expenses and deposits Inventory 1,828 83,018 720 4,108 89.674 6,945 45,589 142,208 12,124 118,641 2,507 6,430 139,702 2,586 50,471 192,759 3,461 125,516 4,362 6,507 139,846 2,484 59,451 201,781 53,595 1,105 2,856 57,556 11,492 33,836 102,884 Deferred taxes Property, plant, and equipment 17,803 24,052 23,102 12,437 Liabilities Current liabilities: Accounts payable and accrued liabilities Dividends payable Current taxes payable Bank indebtedness Due to Open Range Note payable 7,296 7,299 6,600 7,405 6,600 O COLLO 6,725 204 18,305 36,419 10,066 84,156 10,000 35,099 37,951 37,107 Deferred taxes Long-term debt 1,635 55,544 94,286 34,544 72,495 35,099 84,156 Shareholders' Liabilities: Share capital Contributed surplus Accumulated other comprehensive income (loss) Retained earnings (deficit) 378,603 7,074 (584) 92,616 9,256 783 92,616 11,566 (232) 299,531 5,315 188 (277,984) 107,109 142,208 17,609 120,264 192,759 3,545 107,495 201,781 (286,306) 18.728 102,884