Assets Current assets: Canada Technology Corporation Consolidated Statements of Financial Position (in millions) Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Other Total current assets Property, plant, and equipment, net Investments Other non-current assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Accrued and other Total current liabilities Long-term debt Other non-current liabilities Commitments and contingent liabilities Total liabilities Shareholders' equity: Preferred shares; shares issued: 0 Common shares; shares authorized: 7,000; shares issued: 2,556 and 2,579, respectively Retained earnings Other comprehensive loss Other Total shareholders' equity Total liabilities and shareholders' equity $ $ December 31, $ 2020 4,317 $ 835 3,635 327 1,519 10,633 1,517 6,770 391 19,311 $ $ 7,316 $ 3,580 10,896 505 1,630 13,031 284 6,131 (83) (52) 6,280 19,311 $ 2019 4,232 406 2,586 306 1,394 8,924 913 5,267 366 15,470 5,989 2,944 8,933 506 1,158 10,597 1,479 3,486 (33) (59) 4,873 15,470

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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CTC​'s ​long-term debt bears interest at 6​%. During the year ended December​ 31, 2020​, CTC​'s ​times-interest-earned ratio was: 
100 times 
110 times 
117 times 
125 times 
Assets
Current assets:
Canada Technology Corporation
Consolidated Statements of Financial Position
(in millions)
Cash and cash equivalents
Short-term investments
Accounts receivable, net
Inventories
Other
Total current assets
Property, plant, and equipment, net
Investments
Other non-current assets
Total assets
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable
Accrued and other
Total current liabilities
Long-term debt
Other non-current liabilities
Commitments and contingent liabilities
Total liabilities
Shareholders' equity:
Preferred shares; shares issued: 0
Common shares; shares authorized: 7,000;
shares issued: 2,556 and 2,579, respectively
Retained earnings
Other comprehensive loss
Other
Total shareholders' equity
Total liabilities and shareholders' equity
$
$
December 31,
2020
4,317 $
835
3,635
327
1,519
10,633
1,517
6,770
391
19,311 $
$ 7,316 $
3,580
10,896
505
1,630
13,031
284
6,131
(83)
(52)
6,280
$ 19,311 $
2019
4,232
406
2,586
306
1,394
8,924
913
5,267
366
15,470
5,989
2,944
8,933
506
1,158
10,597
1,479
3,486
(33)
(59)
4,873
15,470
Transcribed Image Text:Assets Current assets: Canada Technology Corporation Consolidated Statements of Financial Position (in millions) Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Other Total current assets Property, plant, and equipment, net Investments Other non-current assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Accrued and other Total current liabilities Long-term debt Other non-current liabilities Commitments and contingent liabilities Total liabilities Shareholders' equity: Preferred shares; shares issued: 0 Common shares; shares authorized: 7,000; shares issued: 2,556 and 2,579, respectively Retained earnings Other comprehensive loss Other Total shareholders' equity Total liabilities and shareholders' equity $ $ December 31, 2020 4,317 $ 835 3,635 327 1,519 10,633 1,517 6,770 391 19,311 $ $ 7,316 $ 3,580 10,896 505 1,630 13,031 284 6,131 (83) (52) 6,280 $ 19,311 $ 2019 4,232 406 2,586 306 1,394 8,924 913 5,267 366 15,470 5,989 2,944 8,933 506 1,158 10,597 1,479 3,486 (33) (59) 4,873 15,470
Net revenue
Cost of goods sold
Gross profit
Operating expenses:
Selling, general, and administrative
Research, development, and engineering
Special charges
Canada Technology Corporation
Consolidated Statements of Income
(in millions, except per share amounts)
Total operating expenses
Operating income
Investment and other income (loss), net
Income before income taxes
Income tax expense
Net income
Earnings per common share:
Basic
$
Years Ended December 31,
2020
41,444 $
33,892
7,552
3,544
464
4,008
3,544
180
3,724
1,079
2,645 $
1.03 $
2019
35,404 $
29,055
6,349
3,050
455
3,505
2,844
183
3,027
905
2,122 $
0.82 $
2018
31,168
25,661
5,507
2,784
452
482
3,718
1,789
(58)
1,731
485
1,246
0.48
Transcribed Image Text:Net revenue Cost of goods sold Gross profit Operating expenses: Selling, general, and administrative Research, development, and engineering Special charges Canada Technology Corporation Consolidated Statements of Income (in millions, except per share amounts) Total operating expenses Operating income Investment and other income (loss), net Income before income taxes Income tax expense Net income Earnings per common share: Basic $ Years Ended December 31, 2020 41,444 $ 33,892 7,552 3,544 464 4,008 3,544 180 3,724 1,079 2,645 $ 1.03 $ 2019 35,404 $ 29,055 6,349 3,050 455 3,505 2,844 183 3,027 905 2,122 $ 0.82 $ 2018 31,168 25,661 5,507 2,784 452 482 3,718 1,789 (58) 1,731 485 1,246 0.48
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