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(Solution) - High Liner Foods Inc processes and markets seafood products throughout

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High Liner Foods Inc. processes and markets seafood products throughout Canada, the United States, and Mexico under the High Liner and Fisher Boy brands. It also produces private label products and supplies restaurants and institutions. Using High Liner Foods' consolidated statements of income for 2009, which appear in Exhibit 4-12, answer the following questions:
In Exhibit 4-12
CONSOLIDATED STATEMENTS OF INCOME
(in thousands of Canadian dollars, except per share information)

a. Has High Liner Foods used a single-step or a multi-step income statement? What aspects of the statement influenced your answer?
b. Calculate High Liner Foods' gross profit rate (gross profit divided by net sales) for 2009 and 2008. Did the company's gross profit, as a percentage of its revenue, increase or decrease?
c. Calculate High Liner Foods' net profit rate (net earnings divided by net sales) for 2009 and 2008. Did the company's net profit, as a percentage of its revenue, increase or decrease?
d. High Liner Foods reports both "basic" and "diluted" earnings per share (EPS). Briefly explain the difference between these two terms and why the figures for diluted EPS are lower than those for basic EPS.

 







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This question was answered on: Jul 11, 2017

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