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Christopher Church
Christopher Church,
Category: Tax
Satisfied Customers: 10
Experience:  director of accounting at cablevision
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I'm ***** *****, what do I do with depreciation on the

Customer Question

I'm ***** *****, what do I do with depreciation on the liability section of the balance sheet
JA: Thanks. Can you give me any more details about your issue?
Customer: it seems to be the difference from getting the balance sheet to balance. If it's in the asset section, how do I account for it in the liability section
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Submitted: 9 months ago.
Category: Tax
Expert:  Christopher Church replied 9 months ago.

Hello, I can try to help

Expert:  Christopher Church replied 9 months ago.

Are you referring to accumulated depreciation?

Customer: replied 9 months ago.
to make it balance I put -43,660
assets are remaining depreciation 877,620 (starting basis was 930,491) accumulated amount is $52,871)
land 166,634
Total Assets 1,000,594liabilities
non recourse loans on real estate 1,055,866
capital account -55,272
Total Liabilities and capital 1,000,594net income or loss per books this year is -33,835.
I don't think I should have to enter the -43,660 to get it to balance or do I?
Expert:  Christopher Church replied 9 months ago.

It looks like your in balance without the -43,660 so you are correct. Accumulated depreciation is a contra asset that shows up in the asset section. I hope this helps, if you are satisfied with my answer please rate as positive.

Thanks

Expert:  Christopher Church replied 9 months ago.

Hello, is there anything else you need? If not please rate positive as that is how I get credit

Thank you

Customer: replied 9 months ago.
It looks like the balance sheet should balance but how do I take the -43,660 out of the schedule L asset column as this would throw the total assets to liabilities line off. I don't see the balance of the columns without the adjustment. Or is there another missing detail that I am not thinking about.
Expert:  Christopher Church replied 9 months ago.

please attach a copy of schedule L so I can take a look