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Furniture Deprecation
I've been looking on the web for a while and cannot find black and white answer. The question is simple. How do I calculate how much my furniture is worth using a depreciation method. Not market demand or anything like that. I simply want to know how to calculate the value using the orignial cost of the furniture and the number of yeard it is old. PLEASE HELP!
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from an accounting standpoint, we need to establish a base line for the value. Either use the price of the furniture or the market value when you got your furniture. After that, use the life expectancy of the furniture. A rule of thumb for office furniture is 5 years. Estimate the salvage value for the furniture after 5 years. Then calculate the difference between original cost less salvage cost and divide by years of use. |
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