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Capital leases and operating leases are the two classifications of leases described in FASB pronouncements from the standpoint of the lessee.
Answer the following questions in the Discussion Board:
Problem 1: Describe how a capital lease would be accounted for by the lessee both at the inception of the lease and during the first year of the lease, assuming the lease transfers ownership of the property to the lessee by the end of the lease.
Problem 2: Describe how an operating lease would be accounted for by the lessee both at the inception of the lease and during the first year of the lease, assuming equal monthly payments are made by the lessee at the beginning of each month of the lease. Describe the change in accounting, if any, when rental payments are not made on a straight-line basis.
Problem 3: Compare and contrast a sales-type lease with a direct-financing lease as follows.
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The partnership also assumed a $12000 note payable owed by Robert that was originally used to purchase the equipment. Illustrate what amount should Robert's capital account be recorded?
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Two property owners along Elm Street claimed a new sidewalk was constructed further from the street than where they had granted easements. A resurvey confirmed that the sidewalk was constructed in the wrong place, but the city did not believe that th..
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