Access the annual financial statements for Maple Leaf Foods Inc. for the year ended December 31,2011. These statements are available from the company's website or from SEDAR (
(a) Explain the securitization that the company is involved in (see Note 4).
(b) Calculate the accounts receivable turnover for 2011 and 2010 and the average age of the accounts receivable at December 31, 2011, and 2010, without taking the additional securitized receivables into account. Comment on your results. For the calculation of average age, use the closing balance of accounts receivable in the formula:
(Year-end accounts receivable I sales) x 365
(c) Calculate the percentage growth in sales and accounts receivable in 2011 and 2010 without taking the securitized receivables into account. Comment on your results.
(d) Explain how the securitized receivables should be taken into account in the calculations in (a) and (b) above, or not taken into account at all. Recalculate your ratios and percentages. Did the securitizations have an effect on your assessment of the company? Explain.

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