Refer to the financial statements of Canadian Tire Corporation in Appendix A of this book.
1. Does Canadian Tire report income taxes payable as a separate account on its statement of financial position at the end of the current year? If not, where would this account be included on Canadian Tire’s statement of financial position?
2. How did changes in trade and other payables affect cash flows from operating activities in the current year?
3. What is the amount of non- current liabilities at the end of the current year?
4. What amounts of deferred income tax assets and liabilities are reported on the statement of financial position at the end of the current year?
5. Does the company disclose information on contingent liabilities?