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Leasing is an important source of financing for companies of all sizes, and leasing introduces new possibilities for acquiring assets. This chapter considers the circumstances under which leasing makes sense and discusses other important financial management implications of leasing. | T22.1 Chapter Outline Chapter 22 Leasing Chapter Organization 22.1 Leases and Lease Types 22.2 Accounting and Leasing 22.3 Taxes, Canada Customs and Revenue Agency (CCRA) and Leases 22.4 The Cash Flows from Leasing 22.5 Lease or Buy? 22.6 A Leasing Paradox 22.7 Reasons for Leasing 22.8 Summary and Conclusions CLICK MOUSE OR HIT SPACEBAR TO ADVANCE Irwin/McGraw-Hill copyright © 2002 McGraw-Hill Ryerson, Ltd. T22.2 Buying versus Leasing (Figure 22.1) Manufacturer of asset Manufacturer of asset Canadian Enterprises arranges financing and buys asset from manufacturer Canadian Enterprises 1. Uses asset 2. Owns asset Lessor 1. Owns asset 2. Does not use asset Lessee (Canadian Enterprises.) 1. Uses asset 2. Does not own asset Canadian Enterprises buys asset and uses asset; financing raised by debt Canadian Enterprises leases asset from lessor; the lessor owns the asset Canadian Enterprises leases asset from lessor Lease Buy Lessor arranges financing and buys asset T22.3 Types of Leases Operating lease Usually a shorter-term lease under which the lessor is responsible for insurance, taxes, and upkeep. Financial lease A longer-term, fully amortized lease under which the lessee is responsible for maintenance, taxes, and insurance. Tax-oriented leases Leveraged leases Sale-and-leaseback arrangements T22.4 Leasing and the Balance Sheet (Table 22.1) A. Balance Sheet with Purchase (co. finances $100,000 truck with debt) Truck $100,000 Debt $100,000 Other assets 100,000 Equity 100,000 Total assets $200,000 Debt plus equity $200,000 B. Balance Sheet with Operating Lease (co. finances truck with an operating lease) Truck $ 0 Debt $ 0 Other assets 100,000 Equity 100,000 Total assets $100,000 Debt plus equity $100,000 C. Balance Sheet with Capital Lease (co. finances truck with a capital lease) Assets under capital Obligations under lease $100,000 capital lease $100,000 Other assets 100,000 Equity 100,000 Total assets $200,000 Debt plus equity $200,000 T22.5 Criteria for a Capital | T22.1 Chapter Outline Chapter 22 Leasing Chapter Organization 22.1 Leases and Lease Types 22.2 Accounting and Leasing 22.3 Taxes, Canada Customs and Revenue Agency (CCRA) and Leases 22.4 The Cash Flows from Leasing 22.5 Lease or Buy? 22.6 A Leasing Paradox 22.7 Reasons for Leasing 22.8 Summary and Conclusions CLICK MOUSE OR HIT SPACEBAR TO ADVANCE Irwin/McGraw-Hill copyright © 2002 McGraw-Hill Ryerson, Ltd. T22.2 Buying versus Leasing (Figure 22.1) Manufacturer of asset Manufacturer of asset Canadian Enterprises arranges financing and buys asset from manufacturer Canadian Enterprises 1. Uses asset 2. Owns asset Lessor 1. Owns asset 2. Does not use asset Lessee (Canadian Enterprises.) 1. Uses asset 2. Does not own asset Canadian Enterprises buys asset and uses asset; financing raised by debt Canadian Enterprises leases asset from lessor; the lessor owns the asset Canadian Enterprises leases asset from lessor Lease Buy Lessor arranges financing and buys asset T22.3 Types of Leases .
