A contra asset account for Land will normally appear in the balance sheet.?

A contra asset account for Land will normally appear in the balance sheet.

True/False

recycle b2008-09-11T16:47:51Z

Favorite Answer

False. Land is a long term asset that is not depreciable.

If you have a building or other fixed assets the Building would be a debit balance and the accumulated depreciation would be the contra asset. (credit balance).

10

Anonymous2008-09-12T16:09:32Z

Your depreciation list includes all the assets including land value:

The TOTAL cost of the assets , including land is debited to the fixed asset account when it is purchased.

The should be listed on your depreciation schedule along with the other assets. When a business files their Federal Income tax. They show the Total Value of the asset and deduct the land value, which cannot be depreciated.
so the answer is true, and it belongs on the bal sheet

00

Anonymous2016-04-03T15:23:26Z

C ..i believe..

00

Related Questions

In accounting, The assets section of the balance sheet normally presents?the accumulated depreciation account is a contra asset account that is reported on the balance sheet?Accounting Question: The asset section of the Balance Sheet normally presents assets in ______?Accounting for current assets of the balance sheet?Assets are normally listed on the balance sheet in the order of?

Trending Questions

Why didn't millennials just buy homes when they were cheaper, instead of waiting until prices went through the roof to even consider buying?11 answersPoll: If you won $20 on a scratch off ticket, what you do first?8 answersHow to convince my father-in-law that stock and crypto gains are legit?9 answersWould you invest / pay $120K upfront if the profit was $930K return on that investment within a year?13 answersIs Facebook a good stock to invest in now?6 answers