Ch12FFSOnline - F o c u s o n F i n a n c i a l S t a t e m...

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Unformatted text preview: F o c u s o n F i n a n c i a l S t a t e m e n t s O n l i n e FFS 12-2 FFS 12-3 FFS 12-4 C h a p t e r 1 2 Refer to the financial statements and notes to the financial statements for each of Leons and WestJet on pages I-3 to I-9 and I-12 to I-27, respectively, in Appendix I at the end of the textbook. Required Answer the following questions. Part 1 The December 31, 2002, balance sheet for Leons reports $136,584 (thousand) of capital assets, net. a. What does the $136,584 (thousand) represent (i.e., is it the cost of the capital assets)? b. Which generally accepted accounting principle (GAAP) requires that information in addition to the $136,584 (thousand) must be reported and where must it be reported? c. What amount did Leons report as amortization expense for the year ended December 31, 2002? Identify where this has been reported. d. What method(s) of amortization did Leons use to record 2002 amortization? Identify where this information is located in the financial statements.where this information is located in the financial statements....
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