Ch14FFSOnline - With its executive ofFces in Oakville...

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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 14-2 FFS 14-3 FFS 14-4 C h a p t e r 1 4 Refer to the financial statements for Leon’s and WestJet in Appendix I at the end of the textbook. Required Answer the following questions. 1. Is Leon’s a partnership? Explain why or why not. 2. Is WestJet a sole proprietorship, partnership, or corporation? Explain. Agricore and United Grain Growers merged on November 1, 2001, to form Agricore United , a company that provides products and services to farmers. Its head office is in Winnipeg, Manitoba. Required 1. Is Agricore a partnership? Explain. 2. Redraft the October 31, 2003, balance sheet assuming Agricore has two partners, A and B, each having equal balances in equity on the balance sheet date.
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Unformatted text preview: With its executive ofFces in Oakville, Ontario, The Lodge at Kananaskis Limited Partnership operates a recreational facility located amongst the mountains of Kananaskis Country, Alberta. Required Refer to the partnership’s December 31, 2002, financial statements and answer the following questions. 1. What is total partners’ equity as at December 31, 2002? 2. Did partners’ equity increase or decrease from December 31, 2001, to December 31, 2002? What caused the change(s) in equity? 3. Under the Partnership Agreement, how are The Lodge’s profits and losses to be allocated? 4. What is the difference between a general partner and a limited partner?...
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