Refer to the TELUS Corporation financial statements in Appendix A at the end of the book . Suppose you are an investor considering buying TELUS's shares. The following questions are important:

1. Explain which of TELUS's sales or collections from customers was the largest amount during the year ended December 31, 2011. Analyze net receivables to answer this question.

2. A major concern of lenders, such as banks, is the amount of long-term debt a company owes. How much long-term debt does TELUS owe at December 31, 2011? What must have happened to TELUS's long-term debt during the 2011 fiscal year?

3. Investors are vitally interested in a company's revenues and profits, and its trends of revenues and profits over time. Consider TELUS's operating revenues and net income during the year ended December 31, 2011. Compute the percentage change in operating revenue and also in net income or loss during this period. Which item changed more during this period, operating revenue or net income? (For convenience, show dollar amounts in millions.) Which provides a better indicator of business success? Give the reason for your answer.