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Yes, as the Lessee, you're accountable. Who owns the leased equipment are the Lessor throughout the lease term, consider the Lessee (you) has having the equipment throughout the word from the lease the lease contract passes all obligations of apparatus repair and maintenance for you.
What else can I help you with?
Are locks a leasehold improvement?
Generally speaking, no. Usual maintenance and repairs to leased property like painting? Plumbing repair, lock changing, etc. would not be considered leasehold improvements.
What is an operational lease?
An operational lease is a type of lease in which the contract period is less than the actual life span of the leased equipment, and the lessor pays all serving and maintenance cost. There is no transfer of ownership.
What are the expenses for leased owner operator truck drivers?
Fuel, insurance, maintenance and truck payment.
Is equipment rental an expense?
Yes if equipment is leased on rent then rental payment is expense through income statement of that specific fiscal year.
Can I rent IT equipment for my small business?
Yes, IT equipment can be rented or leased from a variety of providers. You can find more information at www.elease.com/ or www.teamleasing.com/ for example.
What is ELTO?
ELTO could mean 'Equipment Leased to Others', commonly recorded in a Company's Plant, Property and Equipment account in the Assets of a Balance Sheet
What happens if a leased vehicle is in an accident?
If a leased vehicle is in an accident, the lessor has to notify the lease company, along with their insurance company. Sometime the lease company will have you go through your insurance for repairs, other times they send you to their repair shop (if they have one).
If plant equipment is attached to leased property must the depreciable life of the equipment coincide with lease terms?
If the equipment was attached in such a manner that it could not be removed, you would depreciate it over the term of the lease or shorter.
What is the operational leasing?
Operational lease is short-term lease and it normally does not cover the full economic life of the leased asset. The lessor bears all risks and rewards, connected with the ownership of the equipment, and provides to the lessee maintenance services for the leased machines and equipment. In terms of taxation, the lessee is entitled to deduct the full amount of the lease installment from its taxable profit.
What is the homophone for leased?
leased
What is full service lease agreement?
A lease in which the lessor promises to maintain and insure the equipment leased. It is also known as a rental lease. It's commonly used in leases of equipment and commercial real estate.
Would renovation of the leased office be capitalized?
Yes, the renovation of a leased office would typically be capitalized if it significantly enhances the value of the property, extends its useful life, or adapts it to a different use. This means that the costs incurred for the renovation would be recorded as an asset on the balance sheet rather than expensed immediately. However, if the renovation is merely for maintenance or repairs, those costs would generally be expensed in the period incurred. It's important to consider the specific lease terms and accounting policies applicable to the organization.
