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Patrick Company wants to raise $50 million cash but for various reasons does not want to do so in a way that results in a newly recorded liability. The firm is sufficiently solvent and profitable, so its bank is willing to lend up to $50 million at the prime interest rate. Patrick Company's financial executives have devised six different plans, described in the following sections.
Required
Discuss the appropriate treatment of each proposed arrangement from the viewpoint of the auditor, who must apply GAAP in deciding whether the transaction will result in a liability to be recorded or whether footnote disclosure will suffice.
Does GAAP reporting result in an accurate portrayal of the economics of the arrangement in each case? Explain.
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Choose a current issue of consumer reports, money, BusinessWeek, or Kiplinger's Personal Finance and summarize an article that updates the costs of health care. How might you use this information to reduce your health care cost?
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