The following items are from the assets section of WestJet Airlines Ltd.'s December 31, 2015, statement of

Question:

The following items are from the assets section of WestJet Airlines Ltd.'s December 31, 2015, statement of financial position (in thousands):

Accounts receivable...........................................................82,136

Accumulated depreciation-aircraft.....................................1,170,643

Accumulated depreciation-buildings.....................................30,419

Accumulated depreciation-ground, property and equipment........196,829

Aircraft.....................................................................3,912,617

Buildings.....................................................................136,783

Cash.........................................................................1,252,370

Ground and other property and equipment..............................821,753

Intangible assets...............................................................63,549

Inventory.......................................................................36,018

Other assets....................................................................89,942

Prepaid expenses, deposits, and other....................................131,747

Instructions

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

(b) Prepare the assets section of the statement of financial position.

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...