Madison’s Cakery Case Study Analysis Help With Solution
Madison’s Cakery (Madison’s) is a family-owned bakery located in Arlington, Virginia. It began as a neighborhood bakery specializing in small baked goods, such as cupcakes and cookies. With its growing reputation, Madison’s began creating and delivering special occasion cakes in 2015.
In order to complete its deliveries, Madison’s signed an agreement with Mendota Truck Company (Mendota) to lease a cargo van. The relevant information related to the lease agreement is as follows:
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- The lease term is for 2 years with no renewal options offered.
- Monthly lease payments are $350 and are made at the beginning of each month.
- Madison depreciates its long-lived assets on a straight-line basis, and it estimates that the truck’s economic life is 7 years.
- Madison does not have an option to purchase the truck nor does ownership transfer to Madison at the end of the lease.
- At inception of the lease, similar trucks had a normal sales price of $20,000.
- Madison has an incremental borrowing rate of 14%, and Madison is aware that Mendota set monthly payments to ensure a 12% rate of return.
- Based on current GAAP standards, Madison is accounting for the lease as an operating lease.
The CFO at Madison has become aware of new accounting guidance related to leases. He has asked his auditors to determine the effect the new principles would have on Madison’s financial statements.
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