For your initial post, imagine you own a business and discuss the following information:
- Identify and describe your business for this assignment (e.g. Clothing Store, Landscaping business, Delivery service, or Restaurant).
- Give an example of a long-term asset that the business owns.
- Classify the asset (i.e. building, equipment, furniture & fixtures, etc.)
- What depreciation method will you use to depreciate this asset? Explain Why.
- How does depreciation affect the income statement and balance sheet?
- Explain how depreciation might affect your decisions to purchase expensive equipment or real estate.