(Evaluate the format of a balance sheet, LO 1, 5) Look at the balance sheet of Newfoundland Power Inc. in the Panel B of Exhibit 2-2 (page 62). Redo Newfoundland Power Inc.’s balance sheet in the more traditional format used by MWW. How does your statement differ from the one prepared by the company?

Which statement is more informative, the one you prepared or the one the company prepared? Should it make any difference to users how the balance sheet is formatted?

Explain.