Reference no: EM13841525
Writing skills problem. At fiscal year-end December 31, 2012, Shop World had the following assets and liabilities on its balance sheet (in millions):
Current liabilities $9,459
Long-term debt 12,330
Other liabilities 1,180
Total assets 37,411
Shop World reported the following information on leases in the notes to the financial statements: Total rent expense was $195 million in 2011, and $188 million in 2010. Most of the long term leases include the renew, with terms varying from 1 to 50 years. Certain leases also include options to purchase the property.
Future minimum lease payments required under nonconcealable lease agreements existing at December 31, 2012, were:
Future Minimum lease Payments in millions Operating lease Capital leases
2013 $224 $7
2014 201 9
2015 193 9
2016 168 10
2017 142 10
After 2017 3,935 138
Total future minimum lease payments $4,863 $183
Less: interest (70)
Present value of minimum lease payments $113
Required: Your friend, Liz loves to shop at ShopWorld and is now interested in investing in the company. Tom, another friend of Liz, has told her that ShopWorld's debt structure is risky, with obligations nearly 74% of total assets. Liz sees the debt on the balance sheet is 61% of total assets and is confused by Tom's comments. Writer an explanation to Liz to explain clearly to Liz what information appears on financial statements, as well as what information does not appear directly on the financial statements.
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