db.wbn.leases.010 Determining lease measures and entries (Busy Beaver Woodwork Company)
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1 Debt» What s Behind the Numbers» Leases» Exercises EXERCISES db.wbn.leases.010 Determining lease measures and entries (Busy Beaver Woodwork Company) Use the templates provided for this exercise to determine the lease measures under capital and operating classifications, record related entries and determine their financial-statement consequences. Use the templates in either the Excel file that s provided with the exercise materials or the tables at the end of this exercise. Compute This exercise helps you learn how to compute information. Lease Terms and Related Accounting Policies On December 31, 2011, Busy Beaver Woodwork Company (BBW) incorporated and took delivery of equipment it leased from Big Chop Company. BBW s management has yet to determine whether the lease should be classified as operating or capital (also called financing). In the meantime, management has hired you to determine the accounting consequences of the classification alternatives. They have provided you with the following information: Record Keeping This exercise helps you learn how to do record keeping and reporting. Busy Beaver Woodwork Company's Equipment Lease Lease parameters Lease term (years) 15 Annual payments $100 Inception (delivery) date First payment date 31-Dec Dec-12 Number of payments 15 Discount rate 10% Capital lease accounting policies Straight-line amortization Interest is accrued during year and paid on December 31 Principal payments due within one year are classified as current liabilities Operating lease accounting policies Rent is accrued during year and paid on December 31 Required (a) Determine the measures to be recorded under both lease classification alternatives during the lease term. Use either the Excel file template provided with the exercise or the template provided at the end of this exercise. You may customize this work, as long as you credit G. Peter & Carolyn R. Wilson and respect the Creative Commons Attribution-Noncommercial-Share Alike United States license NavAcc LLC.
2 2 NAVIGATING ACCOUNTING (b) Record all of the required entries under both lease classification alternatives for 2011 and Use either the Excel file accounts and entry templates provided with the exercise or the accounts and entry templates provided at the end of this exercise NavAcc LLC, G. Peter & Carolyn R. Wilson
3 Part (a) Busy Beaver Woodwork Company's Measures For Capital and Operating Lease Classifications Lease classification Year-end date Debt Payment Interest Principal Capital Year end balance PP&E Amortization Total annual expense Operating Total annual expense 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-26 Total
4 BUSY BEAVER WOODWORK COMPANY'S CHART OF ACCOUNTS ASSETS Current Non-current AR C Inven PrEx OCA PPE ONCA Accounts receivable Cash and cash equivalents Inventories Prepaid expenses Other current assets Property, plant, and equipment, net PPEhc PP&E (historical cost) AcDep Accumulated depreciation & amoritization Other non-current assets LIABILITIES Current Non-current AP Accounts payable Acrint Accrued interest OAcrL Other accrued liabilities CPCLO Current portion of capital lease obligations OCL Other current liabilities CLO Capital lease obligations ONCL Other non-current liabilities OWNERS' EQUITY Permanent RE SCap OPOE Net income Cgs DepEx FinEx IncS OSGA RenEx Rev OINC Retained earnings Share capital Other permanent owners' equity Cost of goods sold Depreciation and amortization expense Finance (interest) expense Income summary Other SG&A expense Rental expense, including operating leases Revenues, net Other income
5 Part (b) Busy Beaver Woodwork Company's Capital Lease Journal Entries Record all capital lease entries for the year that ended on December 31, 2011 Record all capital lease entries for the year that ended on December 31, 2012
6 Part (b) Busy Beaver Woodwork Company's Operating Lease Journal Entries Record all operating lease entries for the year that ended on December 31, 2011 Record all operating lease entries for the year that ended on December 31, 2012
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