Summary of Significant Accounting Policies: Fixed Assets, Policy (Policies) |
12 Months Ended | ||
|---|---|---|---|
Jul. 31, 2023 | |||
| Policies | |||
| Fixed Assets, Policy | Fixed Assets
Fixed assets are recorded at cost, less accumulated depreciation and amortization. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When fixed assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period.
Fixed assets are recorded at cost and are depreciated over the estimated useful lives of the related assets using the straight-line method. The estimated useful lives of fixed assets for purposes of computing depreciation are as follows:
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