TAILIEUCHUNG - Lecture Fundamentals of corporate finance - Chapter 22: Leasing

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. | Chapter Outline Chapter 22 Leasing Chapter Organization Leases and Lease Types Accounting and Leasing Taxes, Canada Customs and Revenue Agency (CCRA) and Leases The Cash Flows from Leasing Lease or Buy? A Leasing Paradox Reasons for Leasing Summary and Conclusions CLICK MOUSE OR HIT SPACEBAR TO ADVANCE Irwin/McGraw-Hill copyright © 2002 McGraw-Hill Ryerson, Ltd. Buying versus Leasing (Figure ) 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 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 Leasing and the Balance Sheet (Table ) 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 Criteria for a Capital

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