Part I Required Answer the following questions by referring to

Part I:
Required
Answer the following questions by referring to the December 31, 2011, and June 25, 2011, respective balance sheets for each of WestJet and Danier Leather in Appendix II.
a. WestJet shows Advance ticket sales of $432,186 (thousand) under current liabilities. Explain what this is.
b. WestJet shows Current portion of long-term debt of $158,832 (thousand) under current liabilities. Explain what this is and why it is classified as a current liability. Why is some of the debt listed as a current liability and the balance as long-term debt?
c. Danier’s accounts payable and accrued liabilities at June 25, 2011, is $12,217,000. What percentage is this of total liabilities on the same date?

Part 2:
Required
Answer the following questions by referring to the December 31, 2011, balance sheets for each of Shoppers Drug Mart and High Liner Foods in Appendix II.
a. Shoppers Drug Mart shows a December 31, 2011, balance of $249,971,000 as the current portion of long-term debt. Calculate the total long-term debt.
b. Calculate what percentage of High Liner’s assets at December 31, 2011, was financed by current liabilities.

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