Ch 21 Solutions

Intermediate Accounting

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: CHAPTER 21 Accounting for Leases ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis * 1. Rationale for leasing. 1, 2, 4 1, 2 * 2. Lessees; classification of leases; accounting by lessees. 3, 6, 7, 8, 14 1, 2, 3, 4 1, 2, 3, 5, 7, 8, 11, 12, 13, 14 1, 2, 3, 4, 6, 7, 8, 9, 11, 13, 15, 16 1, 2, 3, 4, 5 * 3. Disclosure of leases. 19 4, 5, 7, 8 2, 3, 5 * 4. Lessors; classification of leases; accounting by lessors. 5, 9, 10, 11, 12, 13 6, 7, 8, 11 4, 5, 6, 7, 9, 10, 12, 13, 14 1, 2, 3, 5, 10, 12, 14, 17 4 * 5. Residual values; bargain purchase options; initial direct costs. 15, 16, 17, 18 5, 9, 10 4, 8, 9, 10 6, 7, 8, 9, 14, 15 2, 5, 6 *6. Sale and leaseback. 20 12 15, 16 7, 8 *This material is dealt with in an Appendix to the chapter. 21-1 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 1. Explain the nature, economic substance, and advantages of lease transactions. 2. Describe the accounting criteria and procedures for capitalizing leases by the lessee. 1, 2, 3, 4 1, 2, 3, 5, 11 1, 4, 6, 7, 8, 9, 11, 12, 14, 15, 16 3. Contrast the operating and capitalization methods of recording leases. 5 5, 12, 13, 14 2, 3, 15 4. Identify the classifications of leases for the lessor. 6, 7, 8 12, 13, 14 2, 10, 13, 16 5. Describe the lessors accounting for direct- financing leases. 6, 7 4, 10 5 6. Identify special features of lease arrangements that cause unique accounting problems. 9, 10 8 4, 9, 11 7. Describe the effect of residual values, guaranteed and unguaranteed, on lease accounting. 9, 10 3, 8 10, 11, 13, 14, 15, 16 8. Describe the lessors accounting for sales-type leases. 11 6, 7, 9 1, 3, 10, 13 9. List the disclosure requirements for leases. 3, 4, 5, 7, 8 *10. Understand and apply lease accounting concepts to various lease arrangements. 12 15, 16 21-2 ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E21-1 Lessee entries; capital lease with unguaranteed residual value. Moderate 1520 E21-2 Lessee computations and entries; capital lease with guaranteed residual value. Moderate 2025 E21-3 Lessee entries; capital lease with executory costs and unguaranteed residual values. Moderate 2030 E21-4 Lessor entries; direct financing lease with option to purchase. Moderate 2025 E21-5 Type of lease; amortization schedule. Simple 1520 E21-6 Lessor entries; sales-type lease. Moderate 1520 E21-7 Lessee-lessor entries; sales-type lease. Moderate 2025 E21-8 Lessee entries with bargain purchase option. Moderate 2030 E21-9 Lessor entries with bargain purchase option. Moderate 2030 E21-10 Computation of rental; journal entries for lessor. Moderate 1525 E21-11 Amortization schedule and journal entries for lessee. Moderate 2030 E21-12 Accounting for an operating lease. Simple 1020 E21-13 Accounting for an operating lease. Simple 1520 E21-14 Operating lease for lessee and lessor.Operating lease for lessee and lessor....
View Full Document

Page1 / 91

Ch 21 Solutions - CHAPTER 21 Accounting for Leases...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online