The financial statements of P&G are presented in Appendix 5B. The company’s complete annual report, including the notes to the financial statements, can be accessed at the book’s companion website, www.wiley.com/college/kieso.

Instructions
Refer to P&G’s financial statements, accompanying notes, and management’s discussion and analysis to answer the following questions.

  (a) What types of leases are used by P&G?
  (b) What amount of capital leases was reported by P&G in total and for less than one year?
  (c) What minimum annual rental commitments under all noncancelable leases at June 30, 2011, did P&G disclose?