Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 5.00

Big Company

4) You are the auditor of Big Company. After completing your audit with the exception of leases, you (and management) have determined that Big has Assets of $6,000,000 Liabilities of $2,500,000 and therefore equity of $3,500,000. Big has leased the following four pieces of land Big has a debt agreement requiring a debt/equity ratio of 1.0 or less. Land A FMV $1,000,000 PV of lease payments $900,000 Land B FMV $1,000,000 PV of lease payments $850,000 Land C FMV $1,000,000 PV of lease payments $800,000 Land D FMV $1,000,000 PV of lease payments $750,000 Under GAAP how do you classify each of these leases? Now what is the debt/equity ratio of Big? Are they violating their debt agreement? Explain

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Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 02:08 PM My Price 5.00

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