Part A: 1. Refer to Appendix II at the end of the textbook for the December 31,

Question:

Part A:
1. Refer to Appendix II at the end of the textbook for the December 31, 2011, for Westjet Airlines Ltd., a Canadian airline based in Calgary, Alberta. What types of assets does Westjet have?
2. To what level of significance are the dollar amounts rounded on the financial statements'
3. Prove the accounting equation for Westjet at December 31, 2011.
4. Assume that the personal home of one of the owners of Westjet (a shareholder) is valued at over $2,000,000. Should it be included as an asset on the for Westjet? Why or why not?
5. Identify a potential internal user who would be interested in Westjet's statements and explain their interest.
Part B:
6. Refer to Appendix II at the end of the textbook for the June 25, 2011, for Daniel Leather Inc., a Canadian specialty clothing designer, manufacturer, and retailer based in Toronto, Ontario. Identify the following for Danier at June 25, 2011:
a. Total assets
b. Total net assets
c. Prove the accounting equation for Danier at June 25, 2011.
7. Notice that the provides data for two years. Why do you think information has been presented for both June 25, 2011, and June 26, 2010?
8. Identify a potential external user that would be interested in Danier's statements and explain their merest.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...