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Level 5
October 22, 2020
Question

How to show deposit for a car?

  • October 22, 2020
  • 2 replies
  • 19 views

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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2 replies

Level 8
October 22, 2020

It gets added to the total cost.

sjrcpa
Level 15
October 22, 2020

Yes-Other Asset, Deposit

The more I know the more I don’t know.