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.
Business assets must meet 3 conditions to be depreciable: 1  The asset must be used to produce business income, rent, or royalty payments. There are exceptions for assets that failed to produce income, although that was their primary purpose. 2  The asset must wear out, decay, becomes obsolete, or lose value over time.