答案和详解如下： 21.A firm has just signed an 8-year lease on a new machine. §
Fair value of the machine is $100,000. §
Lease payments are $18,000 per year, payable at the end of the year. §
The machine has an estimated salvage value of $5,000 at the end of the lease term. §
The machine has a 10-year useful life. §
The firm's incremental borrowing cost is 8 percent. This lease should be classified as: A) operating. B) conventional. C) capital. D) Unable to determine from information provided. The correct answer was C) The useful life of the machine is 10 years and the lease is for 8 years. Because the lease period is more than 75% (8/10=80%) of its useful life, it must be classified as a capital lease.
22.For a capital lease, the amount recorded initially by the lessee as a liability will:
A) be less than the total of the minimum lease payments. B) equal the present value of the minimum lease payments at the beginning of the lease. C) exceed the present value of the minimum lease payments at the end of the lease. D) equal the total of the minimum lease payments. The correct answer was B) With a capital lease, both an asset and liability are reported on the balance sheet with lease payments divided between interest and principal components. The future payments on principal and interest must be discounted to present value at the beginning of the lease.
23.If a lease is capitalized rather than expensed (an operating lease) the firm's net income will:
A) decrease over the life of the lease. B) remain constant over the life of the lease. C) increase over the life of the lease. D) decrease during the first half of the lease then increase in the later years. The correct answer was C) In early years, capitalized income < operating income.
In later years, capitalized income > operating income.
BUT income will increase over the entire period.
24.Which of the following statements about leasing is FALSE?
A) The interest rate implicit in a lease is the discount rate that the lessor used to determine the lease payments. B) When a sale leaseback represents substantially the entire asset any profit from the sale must be deferred and amortized over the life of the lease. C) If it is determined that the lessor is only financing the purchase of an asset the capital lease is considered to be a direct financing lease. In this case gross profits must be recognized at the inception of the lease. D) Firms that capitalize their leases will have lower current ratios and higher debt to equity ratios than firms that structure their leases as operating leases. The correct answer was C) To be true, this should read profit is recognized as interest revenue over the life of the lease. The sales type lease allows the lessor to recognize profits at the lease inception.
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发表于 2008-4-22 10:04
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