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.
An asset's book value equals the asset cost minus Accumulated Depreciation. If the cost is $10,000 and accumulated depreciation is $3,000, the book value is $7,000. An asset's depreciable cost equals the asset cost minus salvage value. Tony purchases a truck with cost of $20,000 and salvage value of $4,000.The depreciable cost would be $16,000.he credit to Accumulated Depreciation Equipment reduces the book value of the asset. After the depreciation entry for year 1, the book value for the asset = $9,000 (asset cost minus Accumulated Depreciation).