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

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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