Book Keeping Task/Depreciation
From PCSAR
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Assets are depreciated at the specified percentage each year. | Assets are depreciated at the specified percentage each year. | ||
50% of the stated rate is used for assets that are purchased within the financial year. | 50% of the stated rate is used for assets that are purchased within the financial year. | ||
| + | Depreciation are done on the declining balance. | ||
As of 2015-08-31 fiscal year end, PCSAR classifies its equipment as: | As of 2015-08-31 fiscal year end, PCSAR classifies its equipment as: | ||
Revision as of 00:05, 28 January 2016
Amortization Expense
PCSAR follows Canada Revenue Agency’s Classes of Depreciable Property guidelines when depreciating assets. Assets are depreciated at the specified percentage each year. 50% of the stated rate is used for assets that are purchased within the financial year. Depreciation are done on the declining balance.
As of 2015-08-31 fiscal year end, PCSAR classifies its equipment as:
- Class 8 (20%)
- The majority of PCSAR's assets
- "certain property that is not included in another class", "other equipment you use in business."
- Radios, Satellite Phones, inReach ("electronic communications equipment")
- Trailers: because they are not passenger vehicles and they are not motorized
- Storage Cabinet: "furniture"
- Computer: Class 46 (30%)
- Sierra Command Post: Class 10 (30%)
- Because initial cost was not over $30K, cannot be Class 10.1
- Pickup Truck: Class 10 (30%)
- Equipment Shed: Class 6 (10%)
- "made of ... corrugated metal" and "the building has no footings or other base supports below ground level"
