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SST E 3-14
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MARRIOTT CASE
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L/SE 1.6185 L 1.6185 SE By substitution,
2.6185 SE 9,107 SE 3,478
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Current ratio CA/CL CA Current ratio x CL CA
1.182 x 1,802 CA 2,130
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Acid test ratio Quick assets/CL Cash Acc.
Notes Rec./CL (817 Acc. Notes
Rec.)/1,802 0.7925 (817 Acc. Notes Rec.)/
0.7925 x 1,802 1,428 Acc. Notes Rec.
1,428 817 611
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SEARS (A) CASE
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NOTE 10 - LEASE AND SERVICE AGREEMENTS The
Company leases certain stores, office facilities,
warehouses, computers and transportation
equipment. Operating and capital lease
obligations are based upon contractual minimum
rates and, for certain stores, amounts in excess
of these minimum rates are payable based upon
specified percentages of sales. Contingent rent
is accrued over the lease term, provided that the
achievement of the specified sales level that
triggers the contingent rental is probable.
Certain leases include renewal or purchase
options. Operating lease rentals were 483, 409
and 399 million, including contingent rentals of
59, 54 and 52 million in 2001, 2000 and1999,
respectively. Minimum lease obligations,
excluding taxes, insurance and other expenses
payable directly by the Company, for leases in
effect as of December 29, 2001,are as follows
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Lease Footnote
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