Question: The following items are from the liability and shareholders' equity sections of WestJet Airlines Ltd. s December 31, 2015, statement of financial position (in thousands):
The following items are from the liability and shareholders' equity sections of WestJet Airlines Ltd. s December 31, 2015, statement of financial position (in thousands):
Accounts payable and accrued liabilities......................$ 545,438
Advance ticket sales................................................620,216
Current portion of long-term debt................................227,391
Deferred income tax (long-term).................................327,028
Long-term debt...................................................1,276,475
Other current liabilities.............................................158,880
Other long-term liabilities...........................................13,603
Other shareholders equity items....................................84.616
Retained earnings................................................1,292,581
Share capital.........................................................582,7%
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?
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