Grand canyon acc-486 module 4 homework : long-term debt-paying ratios

Details:
Complete Problem 7-10 and Case 7-4 in the Gibson text using Excel. (Label all work.)
APA format is not required, but solid academic writing is expected.
P 7-10 Consecutive five-year balance sheets and income statements of Laura Gibson Corporation    are shown below and on the following page.    a. Compute the following for the years ended December 31, 2007–2011:    b. Comment on the debt position and the trends indicated in the long-term debt-paying ability.
CASE 7-4 LOCKOUT        The Celtics Basketball Holdings, L.P. and Subsidiary included the following note in its 1998        annual report:          Note G—Commitments and Contingencies (in Part)      National Basketball Association (“NBA”) players, including those that play for the Boston        Celtics, are covered by a collective bargaining agreement between the NBA and the NBA Players        Association (the “NBPA”) that was to be in effect through June 30, 2001 (the “Collective        Bargaining Agreement”). Under the terms of the Collective Bargaining Agreement, the NBA        had the right to terminate the Collective Bargaining Agreement after the 1997–1998 season if it        was determined that the aggregate salaries and benefits paid by all NBA teams for the 1997–        1998 season exceeded 51.8% of projected Basketball Related Income, as defined in the Collective        Bargaining Agreement (“BRI”). Effective June 30, 1998, the Board of Governors of the        NBA voted to exercise that right and reopen the Collective Bargaining Agreement, as it had        been determined that the aggregate salaries and benefits paid by the NBA teams for the 1997–        1998 season would exceed 51.8% of projected BRI. Effective July 1, 1998, the NBA commenced        a lockout of NBA players in support of its attempt to reach a new collective bargaining        agreement. The NBA and the NBPA have been engaged in negotiations regarding a new collective        bargaining agreement, but as of September 18, 1998, no agreement has been reached. In        the event that the lockout extends into the 1998–1999 season, NBA teams, including the Boston        Celtics, will refund amounts paid by season ticket holders (plus interest) for any games that        are canceled as a result of the lockout. In addition, as a result of the lockout, NBA teams have        not made any payments due to players with respect to the 1998–1999 season. The NBPA has        disputed the NBA’s position on this matter, and both the NBA and the NBPA have presented        their cases to an independent arbitrator, who will make his ruling no later than the middle of        October 1998. As of September 18, 1998, the arbitrator has not ruled on this matter.        Although the ultimate outcome of this matter cannot be determined at this time, any loss of        games as a result of the absence of a collective bargaining agreement or the continuation of the        lockout will have a material adverse effect on the Partnership’s financial condition and its results        of operations. Further, if NBA teams, including the Boston Celtics, are required to honor the        player contracts for the 1998–99 season and beyond without agreeing to a new collective bargaining        agreement or without ending the lockout, which would result in the loss of games, the Partnership’s        financial condition and results of operations will be materially and adversely affected.        The Partnership has employment agreements with officers, coaches and players of the        basketball team (Celtics Basketball). Certain of the contracts provide for guaranteed payments        which must be paid even if the employee is injured or terminated. Amounts required        to be paid under such contracts in effect as of September 18, 1998, including option years        and $8,100,000 included in accrued expenses at June 30, 1998, but excluding deferred compensation        commitments disclosed in Note E—Deferred Compensation, are as follows:        Years ending June 30, 1999                        $32,715,000        2000                                                                33,828,000        2001                                                                27,284,000        2002                                                                20,860,000        2003                                                                19,585,000        2004 and thereafter                                     10,800,000        Commitments for the year ended June 30, 1999, include payments due to players under        contracts for the 1998–1999 season in the amount of $18,801,000, which are currently not        Celtics Basketball maintains disability and life insurance policies on most of its key players.        The level of insurance coverage maintained is based on management’s determination of        the insurance proceeds which would be required to meet its guaranteed obligations in the        event of permanent or total disability of its key players.        
Required: Discuss how to incorporate the contingency note into an analysis of Celtics BasketballHoldings, L.P. and Subsidiary.

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