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WEN » Topics » Accounting for Leases,

This excerpt taken from the WEN 8-K filed Oct 19, 2006.
Accounting for Leases, the Group is considered the owner of the property for accounting purposes while the property is held by the joint venture. In addition, the purchase of properties by the joint venture in connection with an acquisition by the Group in 2001 and the concurrent lease of such properties by the Group have been accounted for as a financing transaction. Accordingly, the land and building, along with the related financing obligations, are recorded in the accompanying Combined Financial Statements.

The amounts reported in the Combined Balance Sheets related to all of the properties subject to such leases are as follows:

      May 30,
2004
   May 29,
2005
             

Land, property and capital leases

      $ 41,431        $ 43,600  
             

Financing obligations

        20,984          20,847  
             

Capital lease obligations

        22,716          25,877  
             

               

The joint venture arrangement was dissolved on July 5, 2005 after the sale of the remaining properties and the final distribution of proceeds.

This excerpt taken from the WEN 8-K filed Aug 26, 2005.
Accounting for Leases, the Group is considered the owner of the property for accounting purposes while the property is held by the joint venture. In addition, the purchase of properties by the joint venture in connection with an acquisition by the Group in 2001 and the concurrent lease of such properties by the Group has been accounted for as a financing transaction. Accordingly, the land and building, along with the related financing obligations, are recorded in the accompanying financial statements.

      The amounts reported in the balance sheets related to all of the properties subject to such leases are as follows:

      As of
      May 30,
2004
   March 6,
2005
             

Land, property and capital leases

      $ 41,431        $ 40,302  
             

Financing obligations

        20,984          20,984  
             

Capital lease obligations

        22,716          22,467  
             

               

EXCERPTS ON THIS PAGE:

8-K
Oct 19, 2006
8-K
Aug 26, 2005

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