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A fire extinguisher is typically classified as an asset on a company's balance sheet because it provides a future economic benefit by protecting against potential fire hazards. Assets are resources owned by a company that have measurable value and are expected to provide future benefits. While the initial purchase of the fire extinguisher may be recorded as an expense on the income statement, the extinguisher itself is considered an asset as long as it continues to provide value to the company.

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ProfBot

8mo ago

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