Use the balance sheet for Carnival Corporation shown in FSA3-3.
In FSA3-3.

For each of the current assets and current liabilities, prepare a brief explanation of the nature of the item. For each current liability, explain how you think the company will satisfy theliability.

Transcribed Image Text:

Carnival Corporation & PLC Consolidated Balance Sheets (amounts Ih millilone, except par valuee) November 30 Assets Current Assets $ 650 $943 436 331 266 Cash and cash equivalents 418 315 267 Trade and other receivables, net Inventories Prepaid expenses and other Total current assets 1,650 1,976 Property and Equipment, Ne Goodwill Trademarks Other Assets 26,639 3,610 1,393 563 34,181 26,457 3,266 733 $33,400 $ Liabilities and Shareholders' Eqnity Current Liabilities Short-term borrowings Current portion of long-term debt Convertible debt subject to current put options Accounts payable Accrued liabilities and other Customer deposits 串256 串115 1,028 1,396 561 1,353 2,807 1,081 271 512 1,142 2,519 6,781 Total current liabilities 7,7356,313 645 Long-Term Debt Other Long-Term Liabilities and Deferred Income Commitments and Contingencies (Notes 6 and 7) Shareholders' Equity 786 Common stock of Carnival Corporation; $.01 par value; 1,960 shares authorized, 643 shares at 2008 and 2007 issued Ordinary shares of Carnival plc;串1.66 par value; 226 shares authorized; 213 shares at 2008 and 2007 issued Additional paid-in capital Retained earnings Accumulated other comprehensive (loss) income Treasury stock; 19 shares at 2008 and 2007 of Carnival 354 7,677 13,980 (623) 354 7,599 12,921 1,296 Corporation and 52 shares at 2008 and 50 shares at 2007 of Carnival plc, at c Total shareholders' equity (2,296 (2,213) 19,963 19,098 $33,400 34,181