The following items are from the liability and shareholders' equity sections of WestJet Airlines Ltd.'s December
31, 2012, statement of financial position (in thousands):
Accounts payable and accrued liabilities...................................................$460,003
Advance ticket sales............................................................................480,947
Current portion of long-term debt............................................................199,044
Deferred income tax (long-term) .............................................................356,748
Long-term debt..................................................................................574,139
Other current liabilities...........................................................................47,859
Other long-term liabilities......................................................................155,570
Other shareholders' equity items...............................................................64,110
Retained earnings...............................................................................793,296
Share capital.....................................................................................614,899
Instructions
(a) Identify the statement of financial position category in which each of the above items should be classified.
(b) Prepare the liabilities and equity sections of the statement of financial position.
(c) If you completed P2-2A, compare the total assets in P2-2A with the total liabilities and shareholders' equity in P2-3A. Do these two amounts agree?