How are tuxedo rentals accounted for?
Are they (rented tuxedo's) considered long possession assets if rented for more than one year and depreciate? Is at hand a COGS next to every rental made?
Answers:
Yes, the tuxedos should be depreciated over their expected adjectives vivacity. If you feel you can rent them out for x years earlier you necessitate to replace them, later depreciate them over x years. Think parallel principle.
As far as cost of sale, I'm not really up to date near this liberal of business, but I would be liable to include the depreciation expense of the tuxedos as cost of sale, as resourcefully as any cost incurred to verbs, press and otherwise capture the tuxedo into a condition to be rented again after respectively rental.
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Answers:
Yes, the tuxedos should be depreciated over their expected adjectives vivacity. If you feel you can rent them out for x years earlier you necessitate to replace them, later depreciate them over x years. Think parallel principle.
As far as cost of sale, I'm not really up to date near this liberal of business, but I would be liable to include the depreciation expense of the tuxedos as cost of sale, as resourcefully as any cost incurred to verbs, press and otherwise capture the tuxedo into a condition to be rented again after respectively rental.