At their April 21, 2016 meeting, the Forsyth County Board of Commissioners proclaimed May 5, 2016 as âDay of Prayerâ in Forsyth County. All are invited to meet outside of the Forsyth County Courthouse in downtown Cumming at 10 a.m. on May 5, for observance of âDay of Prayer.â.
The accumulated depreciation account is an asset account with a credit balance (also known as a contra asset account); this means that it appears on the balance sheet as a reduction from the gross amount of fixed assets reported.
You will need to complete IRS Form 4562, Depreciation and Amortization. What is depreciation? Depreciation is an accounting concept that applies to a businessâ fixed assets, such as buildings, furniture and equipment. It spreads the cost of the fixed asset over its useful life so that the expense of the asset can be matched to income.