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.
As long as the asset is on the balance sheet, the accumulated depreciation needs to be as well. For example, after ten years, the asset in the example above will still be recorded on the balance sheet at its cost of $10,000. Accumulated depreciation will also be recorded at $10,000.