1. Refer to Westjet's income statement in Appendix II at the end of the textbook. a. Total...

Question:

1. Refer to Westjet's income statement in Appendix II at the end of the textbook.
a. Total Guest revenues for 2011 were $2,790,299 (thousand).
(i) Prepare two possible journal entries that might have been recorded to create this result.
(ii) What effect do revenues have on the What assurances do we have that the revenues appearing on the income statement are for the year 2011? Hint: Which GAAP?
b. Total Finance costs for 2011 were $60,911 (thousand).
(i) Prepare a possible journal entry that might have recorded the interest expense.
(ii) Do expenses affect the Explain.
2. Refer to Westjet's in Appendix II at the end of the textbook. Find the line showing Advance ticket sales of $432,186 (thousand).
a. Explain what you think the account Advance ticket sales represents.
b. Prepare the journal entry that might have recorded this account balance. 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...