Case 3-2: Roger Haskett Name: ________________ Group: ___A or B________ Date: ________________ Situation: Roger Haskett‚ director of purchasing for Morrow University in San Antonio‚ Texas Professor kahsay ‚ from engineering faculty Menard ‚the supplier Purchasing department The purchasing department’s mandate was to maxi- mize the value of funds spent on supplies‚ equipment‚ and services; ensure ethical buying practices; maintain good supplier relations; and ensure compliance
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INTRODUCTION Financial Services basically mean all those kinds of services provided in financial terms where the essential commodity is money. These services include: leasing‚ hire purchase‚ consumer credit‚ investment banking‚ commercial banking‚ venture capital‚ insurance‚ credit rating‚ bill discounting‚ and mutual funds ‚ stock broking‚ housing finance‚ vehicle finance‚ mortgages and car loans‚ factoring among other things. Various entities that provide these services are
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CHAPTER 21 Accounting for Leases ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis *1. Rationale for leasing. 1‚ 2‚ 4 1‚ 2 *2. Lessees; classification of leases; accounting by lessees. 3‚ 5‚ 7‚ 8‚ 14 1‚ 2‚ 3‚ 4‚ 5 1‚ 2‚ 3‚ 5‚ 7‚ 8‚ 11‚ 12‚ 13‚ 14 1‚ 2‚ 3‚ 4‚ 6‚ 7‚ 8‚ 9‚ 11‚ 12‚ 14‚ 15‚ 16 1‚ 2‚ 3‚ 4‚ 5‚ 6 *3. Disclosure of leases. 19 2‚ 4‚ 5‚ 7‚ 8 2‚ 3‚ 5 *4. Lessors;
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b Haji Suhaili (10B0911) Contents Introduction 1 Basis of Ijarah 2 Essential elements of ijarah contract 2 Modus Operandi 3 3 Selected Banks 4 Conclusion 6 Bibliography 6 Introduction An Islamic alternative to conventional leasing is ijarah. Ijarah is a derivative of the Arabic words ‘ajr’ and ujrah which means consideration‚ return‚ wages‚ or rent. Generally‚ Ijarah means to give something on a rental basis or wages.According to muslim scholars such as hanafi‚ maliki and shafiee
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ACC/541 Thomas Gurber Client Request Week 3 January 13‚ 2014 Cayce Harris Memorandum To: Supervisor CC: Client From: Cayce Harris Date: 1/13/2014 Re: Client Request As requested‚ the following information was pulled directly from the FASB’s website in regards to Direct Financing leases and Sales-Type leases from a lessors prospective. The following describes what the lessor is responsible for when entering into and obtaining each
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whether to accept an offered leasing contract for the duration of three years. In the event of acceptance of the above-mentioned contract‚ the profits of the company would depend on the agreed hire rates‚ operating costs‚ ship depreciation and inflation. After the closure of thecontract‚ further income would be evaluated based on expected market daily hire rates. The conditions for the proposed lease are shown in exhibit 1. Statement of problem The duration of the leasing contract is quite short so
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do not produce debtor/creditor relationships‚ but instead are accounted for as lease agreements. These are designated operating leases. Learning Objectives 1. Identify and describe the operational‚ financial‚ and tax objectives that motivate leasing. 2. Explain why some leases constitute lease agreements and some represent purchases/sales accompanied by debt financing. 3. Explain the basis for each of the criteria and conditions used to classify leases. 4. Record all transactions associated
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adverse change” in its financial condition. “Material adverse change” is not defined in the loan documents. The Company believes the likelihood of default is remote. The bank has no relationships with Goliath Co. (Note: This is a customary provision in leasing arrangements.) Provision 3 The lease agreement stipulates that Big Bear’s annual lease payments shall be $1 million per year‚ payable ratably over 12 months at the beginning of each month. For each calendar year of the term of the lease after 2005
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Introduction Accounting for leases is regulated by the Financial Accounting Standards Board (FASB) in United States .Standards for accounting leases have been effective since 1977 (Accounting Standard Board‚ 2004). The primary standard for lease accounting is Statement of Financial Accounting Standards No. 13 (FAS 13). According to FASB (1976)‚ a lease is an agreement conveying the right to use property‚ plant‚ and equipment (PPE) usually for a stated period of time. Examples of assets that can
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and ordinary annuity PVss = $2‚000‚000 x f( n=10‚ i=10%) PVss = $2‚000‚000 x .386 = $772‚000 PVa = ($2‚000‚000 x .08) x f( n=10‚ i= 10%) PVa = $160‚000 x 6.145 = $983‚200 Price of bonds = $772‚000 + $983‚200 = $1‚755‚200 3.) Jeremy Leasing purchases and then leases small aircrafts to interested parties. The company is currently determining the required rental for a small aircraft that cost them $400‚000. If the lease if for eight years and annual lease payments are required to be made
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