Financial Management for Leases, and Financial Activity Reporting Requirements

Financial Management for Leases, and Financial Activity Reporting Requirements
PART A:

1) Explain the difference between an operating lease and a capital lease.

2) Under what circumstances would an organization prefer a capital lease?

3) An operating lease?

4) FASB, as of 2016, states that both operating leases and capital leases are now required on the balance sheet. Access fasb.org and review ASU 2016-02. What are the main points of the new guidance?

PART B:

You are to return to the Toys for Tots Website. Review both the most recent Audited Financial Statements and the IRS form 990. You are to review both documents and observe where data that winds up on the IRS Form 990 comes from in the Financial Statements. Answer the following questions in the same Word document as above and upload the document with all parts completed by Saturday evening:

1) What is the name of the line, and the amounts (2 columns) found on Line 22 on the IRS Form 990?

2) Which Financial Statement has this amount – and do the amounts actually match on both the 990 & the Financial Statement?

3) What is the title of Part X of Form 990?

4) What do lines 16 and 34 represent on Part X? Where do you see these numbers in the Financial Statements (in other words, which financial statement, not a page or line number)?


Financial Management for Leases, and Financial Activity Reporting Requirements

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