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What is the distinction between Assets and Supplies, particularly when it comes to smaller durable goods such as hand tools or shredders?
I have many durable items that I've purchased for my sole proprietor business. Are there criteria for which must be declared as assets? I prefer to list them as supplies so I don't have to track depreciation costs. Here are a few examples:
- Laptop: $2000
- Workbench: $200
- Paper Shredder: $65
- Measuring Tape: $10
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‎June 4, 2019
1:59 PM