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What is the difference between equipment, supplies, and inventory?

What are the main differences between equipment, supplies, and inventory? Which are applicable for depreciation purposes?

Asked by: 420 days ago - 1 Answers - 2558 views

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    visit:
    http://answers.yahoo.com/question/index;_ylt=At.u6nOe1EdvKgNoHntQIEbsy6IX;_ylv=3?qid=20110329150327AAfZDZE

    but if you would rather read it here, then here is it all copied and pasted with three different answers.
    ———————
    by bjk1961
    Inventory is anything that is for sale in your shop
    Equipment is any mechanical or electrical device that is not part of the shop.
    Supplies are all the remaining items
    ———————
    by Gold
    Inventory – Finished products which you are selling. (Ex. yarn like you said, lumber, food, etc.)
    Equipment – The products needed for your business to operate. (Ex. Cash registers, security systems, stove, tables, etc…)
    Supplies – The products need to keep your business operating. (Ex. Cleaning supplies, table clothes, the products needed to make a product, etc.)

    The examples do not just relate to a craft store. Some of those examples would be for places like restaurants and manufacturers. I’m just trying to give you a more general idea of what each thing is.
    —————————–
    by Wes H.
    Inventory is what your craft shop has for sale…yarn, needles, silk plants…

    Supplies are what is needed in order to remain a functional business…paper, pens, hand soap,, etc…

    Equipment could be the forklift that is used to off load the “inventory” so that you can put it on the shelf and sell it. The computers and the cash register are also equipment!

    Hope this helps!

    Answer by purpleKIWI 420 days ago


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