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 Post subject: Coffee Maker
PostPosted: Tue Feb 17, 2009 9:35 am 
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Hi

Is a basic electric coffee maker considered a fixed asset for a restaurant/hotel?


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 Post subject: Re: Coffee Maker
PostPosted: Tue Feb 17, 2009 10:08 pm 
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Joined: Sat Aug 20, 2005 9:05 am
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racquel wrote:
Hi

Is a basic electric coffee maker considered a fixed asset for a restaurant/hotel?


YES


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 Post subject: Re: Coffee Maker
PostPosted: Wed Feb 18, 2009 7:15 am 
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Richard Noot wrote:
racquel wrote:
Hi

Is a basic electric coffee maker considered a fixed asset for a restaurant/hotel?


YES


If this is a big commercial coffee maker, I agree. If it is a Mr. Coffee type then I would expense it because of cost.


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 Post subject: Re: Coffee Maker
PostPosted: Wed Feb 18, 2009 8:29 am 
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irsfixer wrote:
Richard Noot wrote:
racquel wrote:
Hi

Is a basic electric coffee maker considered a fixed asset for a restaurant/hotel?


YES


If this is a big commercial coffee maker, I agree. If it is a Mr. Coffee type then I would expense it because of cost.


It makes no difference. It is still a fixed asset.


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 Post subject: Re: Coffee Maker
PostPosted: Wed Feb 18, 2009 8:33 am 
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Location: Houston
Richard Noot wrote:
irsfixer wrote:
Richard Noot wrote:
racquel wrote:
Hi

Is a basic electric coffee maker considered a fixed asset for a restaurant/hotel?


YES


If this is a big commercial coffee maker, I agree. If it is a Mr. Coffee type then I would expense it because of cost.


It makes no difference. It is still a fixed asset.


So is a $8.00 stapler and a $5.00 paper weight. Do you capialize them?


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 Post subject:
PostPosted: Wed Feb 18, 2009 7:36 pm 
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FIXED ASSETS are those assets of a permanent nature required for the normal conduct of a business, and which will not normally be converted into cash during the ensuring fiscal period. For example, furniture, fixtures, land, and buildings are all fixed assets. However, accounts receivable and inventory are not. Sometimes called PLANT.

Most companies set a dollar limit (different depending on the nature of the business) of what they are going to consider fixed assets. I agree that if it is an industrial size coffee maker that is used regularly in the course of the business, it needs to be considered as a fixed asset. If it's a Mr. Coffee that is installed in a room, for permanent use there, again, may be worth considering.


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 Post subject: Re: Coffee Maker
PostPosted: Thu Feb 19, 2009 8:25 pm 
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irsfixer wrote:
Richard Noot wrote:
irsfixer wrote:
Richard Noot wrote:
racquel wrote:
Hi

Is a basic electric coffee maker considered a fixed asset for a restaurant/hotel?


YES


If this is a big commercial coffee maker, I agree. If it is a Mr. Coffee type then I would expense it because of cost.


It makes no difference. It is still a fixed asset.


So is a $8.00 stapler and a $5.00 paper weight. Do you capialize them?
No. but they are fixed assets


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 Post subject:
PostPosted: Thu Feb 19, 2009 8:29 pm 
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rsearcy wrote:
FIXED ASSETS are those assets of a permanent nature required for the normal conduct of a business, and which will not normally be converted into cash during the ensuring fiscal period. For example, furniture, fixtures, land, and buildings are all fixed assets. However, accounts receivable and inventory are not. Sometimes called PLANT.

Most companies set a dollar limit (different depending on the nature of the business) of what they are going to consider fixed assets. I agree that if it is an industrial size coffee maker that is used regularly in the course of the business, it needs to be considered as a fixed asset. If it's a Mr. Coffee that is installed in a room, for permanent use there, again, may be worth considering.
The IRS says that you can expense any fixed asset that has a cost of under $100.00


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 Post subject:
PostPosted: Thu Feb 19, 2009 8:30 pm 
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Joined: Tue Jul 24, 2007 10:26 pm
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Location: Houston
Richard Noot wrote:
rsearcy wrote:
FIXED ASSETS are those assets of a permanent nature required for the normal conduct of a business, and which will not normally be converted into cash during the ensuring fiscal period. For example, furniture, fixtures, land, and buildings are all fixed assets. However, accounts receivable and inventory are not. Sometimes called PLANT.

Most companies set a dollar limit (different depending on the nature of the business) of what they are going to consider fixed assets. I agree that if it is an industrial size coffee maker that is used regularly in the course of the business, it needs to be considered as a fixed asset. If it's a Mr. Coffee that is installed in a room, for permanent use there, again, may be worth considering.
The IRS says that you can expense any fixed asset that has a cost of under $100.00


No, the IRS does not say that.


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 Post subject:
PostPosted: Sat Feb 21, 2009 11:39 am 
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Joined: Wed Feb 18, 2009 5:36 pm
Posts: 243
Richard Noot wrote:
rsearcy wrote:
FIXED ASSETS are those assets of a permanent nature required for the normal conduct of a business, and which will not normally be converted into cash during the ensuring fiscal period. For example, furniture, fixtures, land, and buildings are all fixed assets. However, accounts receivable and inventory are not. Sometimes called PLANT.

Most companies set a dollar limit (different depending on the nature of the business) of what they are going to consider fixed assets. I agree that if it is an industrial size coffee maker that is used regularly in the course of the business, it needs to be considered as a fixed asset. If it's a Mr. Coffee that is installed in a room, for permanent use there, again, may be worth considering.
The IRS says that you can expense any fixed asset that has a cost of under $100.00


If you expense it, it's not a fixed asset. It's an expense. :o


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 Post subject:
PostPosted: Sun Feb 22, 2009 1:20 pm 
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Joined: Sat Aug 20, 2005 9:05 am
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Location: Minnesota
rsearcy wrote:
Richard Noot wrote:
rsearcy wrote:
FIXED ASSETS are those assets of a permanent nature required for the normal conduct of a business, and which will not normally be converted into cash during the ensuring fiscal period. For example, furniture, fixtures, land, and buildings are all fixed assets. However, accounts receivable and inventory are not. Sometimes called PLANT.

Most companies set a dollar limit (different depending on the nature of the business) of what they are going to consider fixed assets. I agree that if it is an industrial size coffee maker that is used regularly in the course of the business, it needs to be considered as a fixed asset. If it's a Mr. Coffee that is installed in a room, for permanent use there, again, may be worth considering.
The IRS says that you can expense any fixed asset that has a cost of under $100.00


If you expense it, it's not a fixed asset. It's an expense. :o


Sorry: But your incorrect. When you expense an asset that has a life over one year that asset is a fixed asset. Whether expensing an item all in one year or over aperiod of years depends on the type of fixed asset what the cost is and whether it was purchased new or used.


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