presented in illustration 21 31 are the financial statement disc 241613

Presented in Illustration 21-31 are the financial statement disclosures from the 2009 annual report of Tasty Baking Company.

Instructions

Answer the following questions related to these disclosures.

(a) What is the total obligation under capital leases at December 26, 2009, for Tasty Baking Company?

(b) What is the book value of the assets under capital lease at December 26, 2009, for Tasty Baking Company? Explain why there is a difference between the amounts reported for assets and liabilities under capital leases.

(c) What is the total rental expense reported for leasing activity for the year ended December 26, 2009, for Tasty Baking Company?

(d) Estimate the off–balance-sheet liability due to Tasty Baking’s operating leases at fiscal yearend 2009.

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