Refer to the consolidated financial statements and notes of Corus Entertainment Ltd. in Appendix A. Instructions (a)

Question:

Refer to the consolidated financial statements and notes of Corus Entertainment Ltd. in Appendix A.

Instructions

(a) Referring to Note 13, what was the long-term debt reported by Corus on August 31, 2014, and August 31, 2013? By how much has Corus's total debt increased (decreased) since August 31, 2013?

(b) Determine whether Corus redeemed any long-term liabilities during the fiscal year ended August 31, 2014.

(c) Corus's debt to total assets and interest coverage ratios for fiscal 2014 were calculated in Illustrations 15-23 and 15-24, respectively, in the chapter. Calculate these ratios for fiscal 2013. Comment on whether Corus's solvency improved or worsened since 2013.

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... Solvency
Solvency means the ability of a business to fulfill its non-current financial liabilities. Often you have heard that the company X went insolvent, this means that the company X is no longer able to settle its noncurrent financial...