Refer to TELUS's financial statements in Appendix A at the end of this book. 1. TELUS's balance

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Refer to TELUS's financial statements in Appendix A at the end of this book.
1. TELUS's balance sheet reports a current portion of long-term debt under current liabilities. Why is this portion of long-term debt reported as a current liability?
2. TELUS's Notes to the Financial Statements include note 22, "Commitments and contingent liabilities." What information does this provide to the user of these financial statements?
Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a...
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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...
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Financial Accounting

ISBN: 978-0133472264

5th Canadian edition

Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin

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