The receivables turnover and collection period for Corus Entertainment Inc. were calculated in this chapter, based on the company's financial statements for the 2014 fiscal year. These financial statements are presented in Appendix A.
Instructions
(a) Calculate Corus's receivables turnover and collection period for the 2013 fiscal year.
(b) Comment on any significant differences you observe between the ratios for 2014 (as calculated in the chapter) and 2013 (as calculated by you above).
(c) Note 4 to the Corus Entertainment Inc. financial statements reports additional detail about accounts receivable. Identify the amount of gross accounts receivable on August 31, 2014. Identify the net realizable value of accounts receivable on August 31, 2014.
(d) Note 23 to the Corus Entertainment Inc. financial statements reports additional detail about the company's financial instruments. (Accounts receivable is considered a financial instrument.) Identify the amount of accounts receivable that was over three months past due. Identify the amount of accounts receivable that was written off as uncollectible during the year.