The Ellis Corporation has heavy lease commitments. Prior to SFAS No. 13, it mere

Question

The Ellis Corporation has heavy lease commitments. Prior to SFAS No. 13, it merely footnoted lease obligations in the balance sheet, which appeared as follows: Use Appendix D.

In Millions                          In Millions

Current Assests  80          Current Liabilities    40

   Fixed Assests  80     Long-Term Liabilities    30

                                       Total liabilities              70

                                      Stockholders' equity      90

Total Assets    160        Total liabilites and stockholders' equity   160

Explanation / Answer

no info given about years and annual capital lease

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