Refer to the financial statements of Corus Entertainment and the Notes to the Financial Statements in Appendix
Question:
Instructions
Answer the following questions about the company's current and contingent liabilities:
(a) What were Corus's total current liabilities at August 31, 2014?
What was the increase (decrease) in total current liabilities from the previous year?
(b) Which specific current liabilities and in what order did Corus present on the August 31, 2014, statement of financial statement position?
(c) Calculate Corus's current ratio, acid-test ratio, and receivables turnover ratios for 2014 and 2013. Comment on Corus's overall liquidity.
(d) Does Corus report any contingencies? If so, where are they disclosed? Explain the nature, amount, and significance of Corus's contingencies, if any.
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...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a Total current liabilities at August 31 2014 were 175725000 There was a 7341000 increase from the p...View the full answer
Answered By
Lamya S
Highly creative, resourceful and dedicated High School Teacher with a good fluency in English (IELTS- 7.5 band scorer) and an excellent record of successful classroom presentations.
I have more than 2 years experience in tutoring students especially by using my note making strategies.
Especially adept at teaching methods of business functions and management through a positive, and flexible teaching style with the willingness to work beyond the call of duty.
Committed to ongoing professional development and spreading the knowledge within myself to the blooming ones to make them fly with a colorful wing of future.
I do always believe that more than being a teacher who teaches students subjects,...i rather want to be a teacher who wants to teach students how to love learning..
Subjects i handle :
Business studies
Management studies
Operations Management
Organisational Behaviour
Change Management
Research Methodology
Strategy Management
Economics
Human Resource Management
Performance Management
Training
International Business
Business Ethics
Business Communication
Things you can expect from me :
- A clear cut answer
- A detailed conceptual way of explanation
- Simplified answer form of complex topics
- Diagrams and examples filled answers
46+ Reviews
54+ Question Solved
Related Book For 
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Question Posted:
