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1. Customer enters into a contract with an aircraft owner (supplier) for the use of an explicitly specified aircraft for a two year-period. The contract details the interior and exterior specifications for the aircraft. 2. Customer enters into a contract with a manufacturer (supplier) to purchase a particular type, quality and quantity of shirts for a three-year period

1. Customer enters into a contract with an aircraft owner (supplier) for the use of an explicitly specified aircraft for a two year-period. The contract details the interior and exterior specifications for the aircraft. 2. Customer enters into a contract with a manufacturer (supplier) to purchase a particular type, quality and quantity of shirts for a three-year period

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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State whether the following contracts are considered leases under PFRS 16. Why or why not? 1. Customer enters into a contract with an aircraft owner (supplier) for the use of an explicitly specified aircraft for a two year-period. The contract details the interior and exterior specifications for the aircraft. 2. Customer enters into a contract with a manufacturer (supplier) to purchase a particular type, quality and quantity of shirts for a three-year period.
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