Ask Experts Questions for FREE Help !
Ask
    deehagan's Avatar
    deehagan Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 28, 2010, 07:45 AM
    Bookking the Cost of a Fixed Asset
    When bookking the cost of a vehicle do you add doc fees, sales tax, tag fee, etc. to the cost, or are there items expensed?
    hamzashakaa's Avatar
    hamzashakaa Posts: 161, Reputation: 8
    Junior Member
    		  
    #2

    Sep 30, 2010, 12:48 PM
    Sales taxes and insurance to cover the asset during shipment should be capitalized. I don't know what is meant by doc fees and tag fees. But you should keep in mind that vehicle license fees and accident insurance should be expensed because these types of expenses are normal, recurring expenses that do not add lasting value to the vehicle.

Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Fixed asset or Intangible asset [ 4 Answers ]

Is the U.S. Treasury Note. A Fixed or Intangible Assets.

Fixed Asset J/E [ 6 Answers ]

Join Date: Feb 2008 Posts: 2 Journal Entries... please -------------------------------------------------------------------------------- On my trial balance I have an Bldg Fixed Assets of $110,000 debit; I need to credit this amount . Which account do I use? But, I have to create the...

Fixed Asset [ 1 Answers ]

How do you record in the current year a fixed asset figure not posted in the previous year?

Cost of a fixed asset [ 1 Answers ]

Is a license to use of a particular asset could be considered part of its cost?

View more questions Search