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Question(s) / Instruction(s):

Problem 2-3A

 

The following items are from the assets section of WestJet Airlines Ltd.’s December 31, 2010, balance sheet (in thousands):

Accounts receivable

 

$ 17,518

 

Accumulated depreciation—aircraft

 

622,997

 

Accumulated depreciation—buildings

 

13,154

 

Accumulated depreciation—ground property and equipment

 

61,895

 

Accumulated depreciation—leasehold improvements

 

3,348

 

Accumulated depreciation—spare engines and parts

 

28,251

 

Aircraft

 

2,471,806

 

Buildings

 

135,817

 

Cash

 

1,187,899

 

Ground property and equipment

 

121,814

 

Inventory

 

20,181

 

Intangible assets

 

13,018

 

Leasehold improvements

 

9,965

 

Other assets

 

166,557

 

Prepaid expenses, deposits, and other

 

41,716

 

Spare engines and parts

 

106,198

 

 

 

Identify the balance sheet (statement of financial position) category in which each of the above items should be classified.

Prepare the assets section of the balance sheet. (List assets in order of liquidity. List Property, plant and equipment in order of aircraft, ground property and equipment,spare engines and parts, buildings and leasehold improvements.)

 

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