The following condensed financial information is available for WestJet Airlines:

Instructions
(a) Using horizontal analysis, calculate the percentage of the base-year amount for the income statement and balance sheet, assuming 2008 is the base year.
(b) Using the horizontal analyses you prepared in (a), identify any significant changes between 2008 and 2011.
(c) Which do you think would be more useful-calculating the percentage of the base-year amount or calculating the percentage change between periods-to analyze WestJet between 2008 and 2011? Explain.
Taking It Further
WestJet's financial information for 2010 and 2011 was prepared using IFRS. The financial information for 2008 and 2009 was prepared using the pre-changeover Canadian GAAP. How might these differing standards affect your interpretation of the horizontal analysis?

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WESTJET AIRLINES LTD. Income Statement Year Ended December 31 (in millions) 2010 $2,607 2,416 191 58 133 43 $ 90 2011 Revenue Operating expenses Profit from operations Other expenses Profit before income taxes Income tax expense Profit $3,072 2,815 257 49 208 59 $ 149 2009 $2,281 2,070 211 74 137 39 $ 98 2008 $2,550 2,257 293 38 255 $ 178 WESTJET AIRLINES LTD. Balance Sheet December 31 (in thousands) Non-current assets $3,474 iabilities and Shareholders Current liabilities Non-current liabilities Total liabilities Shareholders' equity Total liabilities and shareholders' equity $3,474 $3,384 $3,350 $3,279