Unformatted text preview: b. increase or decrease equity Fnancing? c. strengthen 1 or weaken the balance sheet? 3. What was the change in interest costs on long-term debt from 2002 to 2003? CHUM Limited has its head ofFce in Toronto, Ontario. It owns and operates 30 radio stations, eight local television stations, and 18 specialty channels. Required Refer to CHUM’s August 31, 2003, Fnancial statements and answer the following questions. 1. The balance sheet lists Program rights payable twice. Explain. 2. Considering the type of business CHUM operates, deFne Program rights payable ? 3. Did long-term debt increase or decrease from 2002 to 2003? 4. Did the change in long-term debt strengthen 1 or weaken the balance sheet? 1 When a balance sheet is said to have been strengthened , it means, in general, that total liabilities (or risk associated with debt fnancing) have decreased and shareholders’ equity has increased....
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This note was uploaded on 08/22/2009 for the course ACCT 1101 taught by Professor Davescott during the Fall '05 term at Niagara College.
- Fall '05
- Financial Accounting