accounting question... - GoFuckYourself.com

StickyGreen · 09-25-2005, 02:29 PM

when preparing a standard balance sheet, where the hell would "building not currently used" fit in? i know it wouldn't be under current assets, but does it still go under property, plant, and equipment? or do you not include it at all since it is not being used?

Monk · 09-25-2005, 02:37 PM

you still include it as Property and Equipment... it is an asset of the company.

selena · 09-25-2005, 02:38 PM

What Monk said.

StickyGreen · 09-25-2005, 02:42 PM

"Property, plant, and equipment are assets with relatively long useful lives that are currently being used in operating the business." this describes the property plant and equipment section as only including things "currently being used," so where do i put 'building not currently used?' does it go under a different part of 'assets?'

selena · 09-25-2005, 02:49 PM

If you have an option for fixed assets or tangible assets, you might put it there. The biggest thing would be that it not go into current assets. I'm not an accountant, but I personally think you'd be fine listing it under property/plant/equipment.

Found this snippet that may help: Where a fixed asset is used not for use within the business, but is held for investment purposes, then it is not expected to wear out and need not be depreciated. Investment properties must be included at open market value

09-25-2005, 02:29 PM	#1
StickyGreen . Industry Role: Join Date: Oct 2003 Posts: 13,076	accounting question... when preparing a standard balance sheet, where the hell would "building not currently used" fit in? i know it wouldn't be under current assets, but does it still go under property, plant, and equipment? or do you not include it at all since it is not being used? __________________ Refer Cam Girls and Take Home 10% of Everything They Make For Life

09-25-2005, 02:38 PM	#3
selena Confirmed User Join Date: Aug 2004 Location: On The Edge Posts: 7,994	What Monk said. __________________ ~ Doer of Things at MetArtMoney Where Flawless Beauty Meets Art ~The MetArt Network ~ selena.delgado9

09-25-2005, 02:42 PM	#4
StickyGreen . Industry Role: Join Date: Oct 2003 Posts: 13,076	"Property, plant, and equipment are assets with relatively long useful lives that are currently being used in operating the business." this describes the property plant and equipment section as only including things "currently being used," so where do i put 'building not currently used?' does it go under a different part of 'assets?' __________________ Refer Cam Girls and Take Home 10% of Everything They Make For Life

09-25-2005, 02:49 PM	#5
selena Confirmed User Join Date: Aug 2004 Location: On The Edge Posts: 7,994	If you have an option for fixed assets or tangible assets, you might put it there. The biggest thing would be that it not go into current assets. I'm not an accountant, but I personally think you'd be fine listing it under property/plant/equipment. Found this snippet that may help: Where a fixed asset is used not for use within the business, but is held for investment purposes, then it is not expected to wear out and need not be depreciated. Investment properties must be included at open market value __________________ ~ Doer of Things at MetArtMoney Where Flawless Beauty Meets Art ~The MetArt Network ~ selena.delgado9 Last edited by selena; 09-25-2005 at 02:52 PM..

09-25-2005, 02:37 PM	#2
Monk Confirmed User Join Date: Jan 2003 Location: Canada Posts: 631	you still include it as Property and Equipment... it is an asset of the company.