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Build a Bur

In: Business and Management

Submitted By ljdawg11
Words 376
Pages 2
Build-A-Bear Workshop, Inc.
a. Companies may lease assets rather than buying them because they only want the asset for a short period of time and don’t want to bear the risk of owning that asset. A company could also have difficulties trying to get approved for a loan to purchase the asset.
b. An operating lease is like a rental agreement where all of the risks and ownership stay with the lessor rather than the lessee. A lease is considered a capital lease if any of the following occur:
1) Lease life is greater than 75% of the life of the asset.
2) Transfer of ownership at the end of the lease.
3) Bargain purchase at the end of the lease.
4) PV of lease payments is greater than or equal to 90% of the FMV of the asset.
A direct financing lease is where the lessor removes the leased asset from their books and replaces it with a receivable. The only income recognized would be interest received.
A sales- type lease is a capital lease where the present value of lease payments is higher than the carrying amount of the leased asset.
c. All leases are not the same so it is important for accountants to distinguish between leases because it can have a substantial effect on the books of a company. For example, some leases get expensed while others transfer ownership and can become an asset.
d. i. This lease should be treated as a capital lease under GAAP because it does not meet any of the criteria outlined in question b. ii. Lease Expense 100,000 Cash 100,000 iii. e. i. Total Rent Expense = 45.9 mil + 0.9 mil = 46.8 mil

ii. Rent expense in this case would most likely show up in the selling, general, and administrative expense portion of the income statement.

f. i. Present Value = 219,643.12

ii. Leased Stores 219,643.12

Lease Payable 219,643.12

iii. 101,044+219643.12 = 320687.12

iv. Long-Term Obligations = 219643.12- 50651 =...

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