Understanding real-world annual reports Required Use the Topps Companys annual report in Appendix B to answer the

Question:

Understanding real-world annual reports
Required
Use the Topps Company’s annual report in Appendix B to answer the following questions.
a. What was Topps’ current ratio as of February 25, 2007?
b. Which of Topps’ current assets had the largest balance as of February 25, 2007?
c. What percentage of Topps’ total assets consisted of current assets?
d. Instead of “Cash,” Topps’ shows an account named “Cash and cash equivalents.” What do cash equivalents include? (See the footnotes.)
e. Does Topps have any restrictions placed on it by its creditors?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...