Consolidated Balance Sheets ($ in thousands) January 31, 2016 January 31, 2015 CURRENT ASSETS Cash $ 37,243 $ 29,129 Accounts receivable (Note 5) 79,373 72,506 Inventories (Note 6) 211,736 204,812 Prepaid expenses 7,229 9,393 335,581 315,840 NON-CURRENT ASSETS Property and equipment (Note 7) 345,881 311,692 Goodwill (Note 8) 37,260 33,653 Intangible assets (Note 8) 32,610 22,485 Deferred tax assets (Note 9) 29,040 28,074 Other assets (Note 10) 13,423 12,555 458,214 408,459 TOTAL ASSETS $ 793,795 $ 724,299 CURRENT LIABILITIES Accounts payable and accrued liabilities $ 152,136 $ 138,834 Current portion of long-term debt (Note 11) — 6,271 Income tax payable 3,365 1,170 155,501 146,275 NON-CURRENT LIABILITIES Long-term debt (Note 11) 225,489 195,125 Defined benefit plan obligation (Note 12) 33,853 36,556 Deferred tax liabilities (Note 9) 2,630 2,392 Other long-term liabilities 18,710 14,668 280,682 248,741 TOTAL LIABILITIES 436,183 395,016 SHAREHOLDERS' EQUITY Share capital (Note 15) 167,910 167,460 Contributed surplus 2,620 2,831 Retained earnings 156,664 140,527 Accumulated other comprehensive income 30,418 18,465 TOTAL EQUITY 357,612 329,283 TOTAL LIABILITIES & EQUITY $ 793,795 $ 724,299 Approved on behalf of the Board of Directors “Eric L. Stefanson, FCPA, FCA” “H. Sanford Riley” DIRECTOR Look at North West’s statement of financial position (which it calls “balance sheet”). Identify its total assets, total liabilities, and total shareholders’ equity as at (1) January 31, 2016, and (2) January 31, 2015. ($ in thousands) (1) January 31, 2016 (2) January 31, 2015 Total assets $ $ Total liabilities $ $ Total shareholders’ equity $ $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Consolidated Balance Sheets

($ in thousands)	January 31, 2016	January 31, 2015
CURRENT ASSETS
Cash	$ 37,243	$ 29,129
Accounts receivable (Note 5)	79,373	72,506
Inventories (Note 6)	211,736	204,812
Prepaid expenses	7,229	9,393
	335,581	315,840
NON-CURRENT ASSETS
Property and equipment (Note 7)	345,881	311,692
Goodwill (Note 8)	37,260	33,653
Intangible assets (Note 8)	32,610	22,485
Deferred tax assets (Note 9)	29,040	28,074
Other assets (Note 10)	13,423	12,555
	458,214	408,459
TOTAL ASSETS	$ 793,795	$ 724,299
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$ 152,136	$ 138,834
Current portion of long-term debt (Note 11)	—	6,271
Income tax payable	3,365	1,170
	155,501	146,275
NON-CURRENT LIABILITIES
Long-term debt (Note 11)	225,489	195,125
Defined benefit plan obligation (Note 12)	33,853	36,556
Deferred tax liabilities (Note 9)	2,630	2,392
Other long-term liabilities	18,710	14,668
	280,682	248,741
TOTAL LIABILITIES	436,183	395,016
SHAREHOLDERS' EQUITY
Share capital (Note 15)	167,910	167,460
Contributed surplus	2,620	2,831
Retained earnings	156,664	140,527
Accumulated other comprehensive income	30,418	18,465
TOTAL EQUITY	357,612	329,283
TOTAL LIABILITIES & EQUITY	$ 793,795	$ 724,299
Approved on behalf of the Board of Directors
“Eric L. Stefanson, FCPA, FCA”	“H. Sanford Riley”
DIRECTOR

Look at North West’s statement of financial position (which it calls “balance sheet”). Identify its total assets, total liabilities, and total shareholders’ equity as at (1) January 31, 2016, and (2) January 31, 2015.

($ in thousands)	(1) January 31, 2016	(2) January 31, 2015
Total assets	$	$
Total liabilities	$	$
Total shareholders’ equity	$	$

Expert Solution

Explanation -

1. Total Assets -

Total Assets is a sum of Current Assets and Non Current Assets. Current Assets are the short term assets which gets converted into cash with in 12 months. Where are non current assets are those assets which gets converted into cash after period of 12 Months. These are resources of the company.

2. Total Liabilities -

Total Liabilities are the combination of Current as well as non current liabilities. Current liabilities are the liabilities which are required to be settled with in a period of 12 months. Where as non current liabilities are the liabilities are payable after period of 12 months.

3. Total Shareholders’ Equity -

Shareholder's Equity includes Common stock issued, Preferred Stock issued, Accumulated Profit, Dividend Paid and Net Income earned by the company. These are the amount invested by the owner's of the company.

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