Reference no: EM132419585
Problem: Bert Sailmakers, Inc. bought a piece of equipment for constructing radial spinnakers.
Part 1: Assume Bert financed this purchase with a capital lease. What activity classifications would be affected on the cash flow statement for the first monthly lease payment. Remember that a capital lease payment has both interest and debt reduction components.
Part 2: Assume Bert acquired this equipment using an operating lease. What activity classification would be affected on the cash flow statement for the first monthly lease payment, under the USGAAP currently in affect.
Part 3: Assume Bert acquired this equipment using an operating lease. Assume Bert had already adopted the new lease accounting requirements effective in 2018. The classifications on the cash flow statement for the first monthly lease payment, would be: (circle the letter of the best answer): 3 points
- The same as those for a capital lease payment.
- Unchanged from current USGAAP
- Recorded as an investing activity
- Recorded as a non-cash investing/financing activity.
Part 4: How would the initiation of the capital lease and the acquisition of the equipment be reported on the cash flow statement? Select one of the 2 answers below.
As both a financing and an investing activity on the face of the cash flow statement.
In a supplemental note to the cash flow statement describing "non-cash financing and investing activities".
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