LarsonFFS02 - Chapter 2 Focus on Financial Statements...

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Focus on Financial Statements Online FFS 2-2 FFS 2-3 Chapter 2 Part A: 1. Refer to page I-12 in Appendix I at the end of the textbook. This page shows the December 31, 2002 balance sheet for WestJet Airlines Ltd., a Canadian airline based in Calgary, Alberta. Using the information in WestJet’s balance sheet, identify the following at December 31, 2002: a. Total assets b. Total net assets P 43 2. Are WestJet’s assets reported on its balance sheet at cost or market value? Your understanding of which Generally Accepted Accounting Principle P 40 helped you answer this question. Part B: 3. Refer to page I-3 in Appendix I at the end of the textbook. This is the December 31, 2002 balance sheet for Leon’s Furniture Limited, a Canadian home-furnishings retailer based in Weston, Ontario. Identify the following for Leon’s at December 31, 2002: a. Total assets b. Total net assets 4. Notice that the balance sheet provides data for two years. Why do you think information
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