SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Depreciation and Amortization, Policy (Policies)

12 Months Ended

Aug. 31, 2024

Policies

Depreciation and Amortization, Policy

Fixed Assets and Depreciation

The Company may own fixed assets of certain types, which are carried at cost less depreciation. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired, or disposed of, the cost and accumulated depreciation are removed from the financial statements, and any

resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, according to the following policies:

-Land and buildings, useful life of 40 years, straight-line depreciation of 2.5% annually 

-Property and equipment, useful life of 3 years, straight-line depreciation of 33.3% annually 

-Lease improvements, useful life of 5 years or the length of the lease, whichever is shorter 

-Computer equipment, useful life of 3 years, straight-line depreciation of 33.3% annually 

-Motor vehicles, useful life of 3 years, straight line depreciation of 33.3% annually