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Yes, lent equipment by the owner is considered an asset on the owner's balance sheet, as it represents a resource that can provide future economic benefits. However, it may also be classified differently depending on the terms of the lending agreement and whether the owner retains control and benefits from the equipment. If the equipment is not owned but merely lent, it may not be listed as an asset but rather as a note or memorandum item. Ultimately, it depends on the specific accounting policies and context of the arrangement.
What else can I help you with?
Is money lent by a bank a current asset or non current asset?
non current asset
Whats the definition of a business asset?
Business asset is a piece of property or equipment purchased for business use. It is also a personal property that has value which can be used for the payment of its owner's debt.
Is equipment an asset or liability?
Asset
Is equipment liability or asset?
Asset
Is equipment considered a revenue or asset?
Equipment is an asset for business which is usable in business to generate revenue.
Is service rendered considered an asset or owner's equity?
an asset
Is office equipment an asset?
Yes, anything of value the company owns is an Asset. Office Equipment is generally classified as a Long-Term Asset or more commonly PP&E (Property, Plant, & Equipment).
Is rented equipment considered an asset?
Rented Equipment is not an asset. If there is a refundable security deposit, that amount would be posted as an asset. The rental payments are usually posted to Equipment Rental Expense and no further accounting is necessary.
Is owner's capital a current asset or other asset?
None!- Its liability.
Is one of the fixed asset accounts from Office Equipment Land Delivery Equipment or Building will not have a related contra asset account?
LAND
What is cosignee?
Partial owner of an asset
Why is a share of Oil and Gas Development Corporation an asset for its owner and a liability for OGDC?
Why is a share of OGDC is an asset for its owner and a liability for OGDC?
