Long-term assets also called non-current assets are not expected to be converted to cash or totally use up in a year or less period. Rather they are expected to be of value to the Coeur d’Alene company for more than a year. Long-term assets would include things like equipment, land and buildings.
Long-term assets are also known as noncurrent assets and include the following:
- Certain investments in stocks and bonds of other corporations, a company’s bond sinking fund, the cash surrender value of life insurance policies owned by the company, real estate awaiting to be sold, etc.
- property, plant and equipment This classification includes land, buildings, machinery, equipment, vehicles, fixtures, etc. that are used in the business.
- intangible assets These include trademarks, patents, customer lists, goodwill, etc. that were acquired in a transaction.
- deferred charges This category might include deferred income taxes that pertain to certain noncurrent assets.
For Tax Resolution or Tax Preparation services in Coeur d’Alene Idaho click here.
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