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. 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.

Required
Use the exhibits to answer the following questions. 

a. In the shareholders’ equity section, what does the $112,739 thousand in common shares represent? 

b. In the shareholders’ equity section, what does the $183,649 thousand in retained earnings represent?

c. What percentage of High Liner’s assets was financed by liabilities? Has this percentage increased or decreased from 2019? d. How much did total assets change in 2020 over 2019? What were the major areas (or accounts) that accounted for the increase? 

e. If High Liner were to pay the income taxes payable, in the current liabilities section, what would be the effect on the basic accounting equation?
f. What was High Liner’s gross profit as a percentage of revenues in 2020? How did this compare with 2019? 

g. In the accompanying notes to the financial statements, High Liner discloses separately the sales earned outside of Canada. Determine the change in High Liner’s sales outside of Canada. How does this compare with the change in the company’s Canadian sales? Base your answers on High Liner’s note 24, Geographic information

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HIGH LINER FOODS INCORPORATED Consolidated Statement of Income (in thousands of United States dollars, except per share amounts) Notes Sales Cost of sales Gross profit Distribution expenses Selling, general and administrative expenses Impairment of property, plant and equipment Business acquisition, integration and other expenses Results from operating activities Finance costs Income before income taxes Income taxes Current Deferred Income tax expense Net income 24 8 28 co co 18 18 Fifty-three weeks ended January 2, 2021 $827,453 649,529 177,924 45,076 73,736 - 2,957 56,155 19,483 36,672 6,535 1,335 7,870 $ 28,802 Fifty-two weeks ended December 28, 2019 $942,224 756,364 185,860 45,759 90,019 974 1,572 47,536 33,012 14,524 3,356 879 4,235 $ 10,289