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Gildan Activewear Inc. is mainly in the business of manufacturing and selling activewear, socks, and underwear. Exhibits 9.11A and 9.11B contain the statements of financial position and statements of earnings and comprehensive income from Gildan's 2020 annual report. EXHIBIT 9.11A Gildan Activewear Inc.'s 2020 Consolidated Statements of Financial Position GILDAN ACTIVEWEAR INC. Consolidated Statements of Financial Position (in thousands of U.S.dollars) Current assets: Cash and cash equivalents (note 5) January 3,2021 $505,264 December 29, 2019 $64,126

Gildan Activewear Inc. is mainly in the business of manufacturing and selling activewear, socks, and underwear. Exhibits 9.11A and 9.11B contain the statements of financial position and statements of earnings and comprehensive income from Gildan's 2020 annual report. EXHIBIT 9.11A Gildan Activewear Inc.'s 2020 Consolidated Statements of Financial Position GILDAN ACTIVEWEAR INC. Consolidated Statements of Financial Position (in thousands of U.S.dollars) Current assets: Cash and cash equivalents (note 5) January 3,2021 $505,264 December 29, 2019 $64,126

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(a) Calculate the company's working capital for 2020 and 2019. (Enter amounts in thousands of dollars.) Working capital eTextbook and Media Save for Later Current ratio Quick ratio (c). Calculate the current and quick ratios for 2020 and 2019. (Round answers to 1 decimal place, e.g. 15.1.) Comment on trends. Current ratio Quick ratio eTextbook and Media Save for Later 2020 2020 Accounts payable turnover ratio eTextbook and Media Accounts payable payment period Save for Later 2019 2019 Calculate the accounts payable turnover ratio and accounts payable payment period for the company. (Round accounts payable turnover ratio to 1 decimal place, e.g. 15.2 and average payment period to 0 decimal places, e.g. 152. Use 365 days for calculation.) Attempts: 0 of 3 used times days Submit Answer Attempts: 0 of 3 used Submit Answer Attempts: 0 of 3 used Submit Answer
Transcribed Image Text:(a) Calculate the company's working capital for 2020 and 2019. (Enter amounts in thousands of dollars.) Working capital eTextbook and Media Save for Later Current ratio Quick ratio (c). Calculate the current and quick ratios for 2020 and 2019. (Round answers to 1 decimal place, e.g. 15.1.) Comment on trends. Current ratio Quick ratio eTextbook and Media Save for Later 2020 2020 Accounts payable turnover ratio eTextbook and Media Accounts payable payment period Save for Later 2019 2019 Calculate the accounts payable turnover ratio and accounts payable payment period for the company. (Round accounts payable turnover ratio to 1 decimal place, e.g. 15.2 and average payment period to 0 decimal places, e.g. 152. Use 365 days for calculation.) Attempts: 0 of 3 used times days Submit Answer Attempts: 0 of 3 used Submit Answer Attempts: 0 of 3 used Submit Answer
Current Attempt in Progress Gildan Activewear Inc. is mainly in the business of manufacturing and selling activewear, socks, and underwear. Exhibits 9.11A and 9.11B contain the statements of financial position and statements of earnings and comprehensive income from Gildan's 2020 annual report. EXHIBIT 9.11A Gildan Activewear Inc.'s 2020 Consolidated Statements of Financial Position GILDAN ACTIVEWEAR INC. Current assets: Cash and cash equivalents (note 5) Trade accounts receivable (note 6) Income taxes receivable Inventories (note 7) Prepaid expenses, deposits and other current assets Consolidated Statements of Financial Position (in thousands of U.S.dollars) Total current asstes Non-current assets: Property, plant and equipment (note 8) Right-of-use assets (note 9(a)) Intangible assets (note 10) Goodwill (note 10) Deferred income taxes (note 18) Other non-current assets Total non-current assets Total assets Current liabilities: Accounts payable and accrued liabilities Income taxes payable Current portion of lease obligations (note 9(b)) Total current liabilities Non-current liabilities: Long-term debt (note 11) Lease obligations (note 9(b)) Other non-current liabilities (note 12) Total non-current liabilities Total liabilities Commitments, guarantees and contingent liabilites (note 23) Equity (note 13): Share capital Contributed surplus Retained earnings Accumulated other comprehensive income Total equity attributable to shareholders of the Company Total liabilities and equity Net sales (note 25) Cost of sales (note 16(c)) Gross profit Selling, general and administrative expenses (note 16(a)) Impairment of trade accounts receivable (note 6) Restructuring and acquisition-related costs (note 17) Impairment of goodwill and intangible assets (note 10) Operating income (loss) Financial expenses, net (note 14(c)) Earnings (loss) before income taxes Income tax recovery (note 18) Net earnings (loss) Other comprehensive income (loss), net of related income taxes: Cash flow hedges (note 14(d)) Actuarial gain (loss) on employee benefit obligations (note 12(a)) January 3, 2021 Comprehensive income (loss) $505,264 196,480 4,632 727,992 110,105 896,800 59,445 289,901 206,636 17,689 6,004 1,544,473 1,514,173 15,884 359,606 1,000,000 66,580 35,865 1,102,445 December 29, 2019 $64,126 320,931 183,938 1,052,052 24,936 77,064 1,359,061 1,476,475 1,696,897 $3,020,948 $3,211,070 994,980 $343,722 $406,531 73,539 383,864 227,865 9,917 6,732 1,255 14,518 422,404 845,000 1,462,051 1,376,576 66.982 42,190 954,172 174,218 32,769 1,628,042 (535) EXHIBIT 9.11B Gildan Activewear Inc.'s 2020 Consolidated Statements of Earnings and Comprehensive Income GILDAN ACTIVEWEAR INC. Consolidated Statements of Earnings and Comprehensive Income Fiscal years ended in January 3, 2021 and December 29, 2019 (in thousands of U.S. dollars, except per share data) (9,038) 1,558,897 1,834,494 $3,020,948 $3,211,070 2020 $1,981,276 1,732,217 249,059 272,306 15,453 48,154 93,989 (180,843) 48,530 (229,373) (4,091) (225,282) (8,503) 12,142 3,639 $(221,643) 2019 $2,823,901 2,119,440 704,461 340,487 27,652 47,329 288,993 39,168 249,825 (9,984) (259,809) (3,917) (1,296) (5,213) $254.596
Transcribed Image Text:Current Attempt in Progress Gildan Activewear Inc. is mainly in the business of manufacturing and selling activewear, socks, and underwear. Exhibits 9.11A and 9.11B contain the statements of financial position and statements of earnings and comprehensive income from Gildan's 2020 annual report. EXHIBIT 9.11A Gildan Activewear Inc.'s 2020 Consolidated Statements of Financial Position GILDAN ACTIVEWEAR INC. Current assets: Cash and cash equivalents (note 5) Trade accounts receivable (note 6) Income taxes receivable Inventories (note 7) Prepaid expenses, deposits and other current assets Consolidated Statements of Financial Position (in thousands of U.S.dollars) Total current asstes Non-current assets: Property, plant and equipment (note 8) Right-of-use assets (note 9(a)) Intangible assets (note 10) Goodwill (note 10) Deferred income taxes (note 18) Other non-current assets Total non-current assets Total assets Current liabilities: Accounts payable and accrued liabilities Income taxes payable Current portion of lease obligations (note 9(b)) Total current liabilities Non-current liabilities: Long-term debt (note 11) Lease obligations (note 9(b)) Other non-current liabilities (note 12) Total non-current liabilities Total liabilities Commitments, guarantees and contingent liabilites (note 23) Equity (note 13): Share capital Contributed surplus Retained earnings Accumulated other comprehensive income Total equity attributable to shareholders of the Company Total liabilities and equity Net sales (note 25) Cost of sales (note 16(c)) Gross profit Selling, general and administrative expenses (note 16(a)) Impairment of trade accounts receivable (note 6) Restructuring and acquisition-related costs (note 17) Impairment of goodwill and intangible assets (note 10) Operating income (loss) Financial expenses, net (note 14(c)) Earnings (loss) before income taxes Income tax recovery (note 18) Net earnings (loss) Other comprehensive income (loss), net of related income taxes: Cash flow hedges (note 14(d)) Actuarial gain (loss) on employee benefit obligations (note 12(a)) January 3, 2021 Comprehensive income (loss) $505,264 196,480 4,632 727,992 110,105 896,800 59,445 289,901 206,636 17,689 6,004 1,544,473 1,514,173 15,884 359,606 1,000,000 66,580 35,865 1,102,445 December 29, 2019 $64,126 320,931 183,938 1,052,052 24,936 77,064 1,359,061 1,476,475 1,696,897 $3,020,948 $3,211,070 994,980 $343,722 $406,531 73,539 383,864 227,865 9,917 6,732 1,255 14,518 422,404 845,000 1,462,051 1,376,576 66.982 42,190 954,172 174,218 32,769 1,628,042 (535) EXHIBIT 9.11B Gildan Activewear Inc.'s 2020 Consolidated Statements of Earnings and Comprehensive Income GILDAN ACTIVEWEAR INC. Consolidated Statements of Earnings and Comprehensive Income Fiscal years ended in January 3, 2021 and December 29, 2019 (in thousands of U.S. dollars, except per share data) (9,038) 1,558,897 1,834,494 $3,020,948 $3,211,070 2020 $1,981,276 1,732,217 249,059 272,306 15,453 48,154 93,989 (180,843) 48,530 (229,373) (4,091) (225,282) (8,503) 12,142 3,639 $(221,643) 2019 $2,823,901 2,119,440 704,461 340,487 27,652 47,329 288,993 39,168 249,825 (9,984) (259,809) (3,917) (1,296) (5,213) $254.596
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