Reference no: EM133327618
Case: Select the correct answer to questions about how various key performance indicators (i.e. KPIs) would change if all of Delta's leases were accounted for as finance leases. That is, you are to answer whether a particular KPI calculated using pro forma amounts in which we assume Delta accounts for all of its leases as finance leases would be higher, lower, or the same as the amount the KPI would equal if we calculated it using Delta's reported numbers.
Note that these questions relate to Delta's most recent fiscal year. Hence, these questions relate to fiscal year that is subsequent to the year that Delta adopted ASU 2016-02.
You should:
Assume that, when preparing Delta's most recent financial statements, Delta's managers and auditors classified all of its leases as operating leases.
Ignore tax effects. That is, assume there is no effect on tax expense or any other tax-related amounts.
Question: If all of Delta's leases were accounted for as finance leases, then:
Option A: Delta's operating liabilities at the end of the most recent fiscal year would be higher than the amount we would obtain if we used the reported amounts shown on Delta's balance sheet for that same fiscal year.
Option B: Delta's operating liabilities at the end of most recent fiscal year would be lower than the amount we would obtain if we used the reported amounts shown on Delta's balance sheet for that same fiscal year.
Option C: Delta's operating liabilities at the end of most recent fiscal year would be same as the amount we would obtain if we used the reported amounts shown on Delta's balance sheet for that same fiscal year.
Option D: This question cannot be answered with the information given to me.
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