Big Rock Brewery Inc. is a regional producer of premium craft beers and cider, which are sold across Canada. Exhibit 3.31 contains an excerpt from the company’s consolidated financial statements for the year ended December 30, 2020.

Required 

a. Determine the company’s Retained Earnings (Deficit) balance using the information. 

b. Identify three things that we know about the company because it has an opening deficit balance. 

c. The company had $387,000 in prepaid expenses and deposits at December 30, 2020. Which financial statement would this be presented on? Assuming these prepaid expenses related to insurance premiums, when would they be expensed?

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(in thousands of Canadian dollars) Net income (Loss) Deficit, opening balance Dividends declared (666) (79,761) Quarterly dividends have been suspended