LarsonFFS07 - F o c u s o n F i n a n c i a l S t a t e m e...

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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 7-2 FFS 7-3 C h a p t e r 7 Required Answer the following questions. a. Refer to the balance sheets for Leon’s and WestJet on pages I-3 and I-12, respectively, in Appendix I at the end of the textbook. Both balance sheets include Inventory . Explain how Inventory is unique for each of these companies. b. What method does Leon’s use to value its inventory (refer to the notes to Leon’s finan- cial statements on pages I-6 to I-9 of Appendix I at the end of the textbook)? c. Inventory is classified on Leon’s balance sheet as what type of asset? d. Did the balance in inventory for Leon’s increase or decrease from December 31, 2001, to December 31, 2002? Part 1 High Liner Foods Incorporated is a supplier of seafood and pasta food products. Its head office is located in Lunenburg, Nova Scotia. On its December 28, 2002, balance sheet, the company reported: Required Answer the following questions....
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This note was uploaded on 08/22/2009 for the course ACCT 1202 taught by Professor Carmendima during the Winter '06 term at Niagara College.

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