Chapter 10, Problem 10.1EYCT

(a)

To determine

Financial statements

Financial statements provide the financial data like assets, liabilities, revenues and expenses of any organizations to its internal and external users. There are four basic financial statements, they are:

• Income statement
• Balance sheet
• Retained earnings statement, and
• Statement of cash flows

To Identify: The total current liabilities of the “Corporation A” as on September 26, 2015.

(b)

To determine

To Identify: What are the components of current liabilities for the “Corporation A” as on September 26, 2015.

(c)

To determine

To Identify: The total long-term liabilities of the “Corporation A” as on September 26, 2015.

(d)

To determine

Whether “Corporation A” bought back any long-term liabilities during the fiscal year ended September 26, 2015.