Compare WestJet’s balance sheet and income statement with Leon’s. Describe how the statements differ. Explain. In responding, consider the different types and relative amounts of assets, liabilities, revenues, and expenses reported on the statements. In answering this question consider current assets as a percentage of total assets, current liabilities as a percentage of total liabilities and shareholders’ equity, and expenses as a percentage of revenues.

WestJet Airlines Ltd. (WestJet) was founded in 1996 by a team of Calgary entrepreneurs, headed by Clive Beddoe, as a Western Canadian regional carrier with three aircraft flying to five cities. Today, WestJet is Canada’s leading high-value low-fare airline, offering scheduled service to 66 destinations in Canada, the United States, Mexico, and the Caribbean, with its fleet of 81 Boeing Next-
Generation 737-series aircraft. WestJet is traded on the TSX under the symbols WJA and WJA.A.
WestJet’s consolidated balance sheets, statements of earnings and comprehensive income, and retained earnings along with some extracts from the notes to the financial statements, are provided in Exhibit 3-1.