Golfer2016
Level 2
10-22-2020
04:57 PM
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How would you show a deposit on the 1120S balance sheet for a car that isn't in service yet? This is for a car. The client put down $100 to get in line. Since there is no service yet, I didn't want to list it as depreciable asset. I guess I could just list it as an other asset and put Deposit on details?
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taxes96786
Level 9
10-22-2020
06:12 PM
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It gets added to the total cost.
sjrcpa
Level 15
10-22-2020
06:44 PM
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Yes-Other Asset, Deposit
The more I know the more I don’t know.