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Though a piece of equipment is still being used the equipment should be removed from the accounts if it has been fully depreciated true or false?
False
Is sales tax paid for business equipment capitalized or depreciated?
Normally, purchases for supplies and equipment used in the business (not for re-sale) are subject to sales tax. Could vary by state.AnswerI think you meant to ask if the sales tax was expensed or capitalized. Any sales tax paid on equipment is considered to be part of the cost of the asset. Therefore its both capitalized and depreciated.
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.
How do you classify assets?
Tangible assets normally are long term capital assets, but could be short term. Some long term tangible assets can be depreciated while others can not. For example a building or piece of equipment is a tangible long term asset that can be depreciated for financial and tax purposes. Land is also a tangible asset, but can not be depreciated.
What is the usage of office equipment?
the use of office equipment is to use in the office so like duuuuuuuuuuuh
Where can I purchase office equipment that was once leased?
Used office equipment is one of the easier things to salvage from old businesses. Often companies will keep their old furniture in storage units that are auctioned off. Locate some industrial storage unit auctions and see what you can get your hands on for cheap
Though a piece of equipment is still being used the equipment should be removed from the accounts if it has been fully depreciated true or false?
False
What determines whether a business equipment purchase can be depreciated?
check IRS publication 946 (link added below)
Am I Held Accountable For Maintenance And Repairs On My Leased Equipment?
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.
Is sales tax paid for business equipment capitalized or depreciated?
Normally, purchases for supplies and equipment used in the business (not for re-sale) are subject to sales tax. Could vary by state.AnswerI think you meant to ask if the sales tax was expensed or capitalized. Any sales tax paid on equipment is considered to be part of the cost of the asset. Therefore its both capitalized and depreciated.
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.
How do you classify assets?
Tangible assets normally are long term capital assets, but could be short term. Some long term tangible assets can be depreciated while others can not. For example a building or piece of equipment is a tangible long term asset that can be depreciated for financial and tax purposes. Land is also a tangible asset, but can not be depreciated.
What is the usage of office equipment?
the use of office equipment is to use in the office so like duuuuuuuuuuuh
Can a written off asset be use again?
Yes. A fully depreciated asset, such as a machine or a piece of office furniture, might remain in service. An older piece of equipment normally has higher maintenance costs which represent the cost of that machine in the periods after write-off.
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
Can Land be depreciated?
Land cannot be depreciated.
