The financial statements of The North West Company Inc. are presented in Appendix B following the financial statements for Sobeys Inc. in Appendix A.

Instructions

(a) Based on the information in these financial statements, determine the following for each company:

Total assets, liabilities, and shareholders' equity at the end of the current and prior fiscal years

Sales and net income (loss) for the current and prior fiscal years

(b) Calculate the percentage change between the current and prior fiscal years for each company for the assets, liabilities, shareholders' equity, sales, and net income amounts determined in part CT1.2(a).

(c) What conclusions about the two companies can you draw from the data you determined in part CT1.2(b)?

(d) Sobeys' fiscal year end is the first Saturday in May. North West's fiscal year end is January 31. Knowing that the year ends of Sobeys and North West are not the same, do you have any concerns about the comparisons you made in part CT1.2(c)? If so way?