___ 54) Accumulated Depreciation is reported in the A) Balance sheet B) Income statement C) Statement of owner’s equity D) Both a and b ___ 55) Adjusting entries involve A) Only real accounts B) Only nominal accounts C) Only capital accounts D) At least one real and one nominal account ___ 56) Which of the following is an example of an adjusting entry? The accumulated depreciation for these assets is also reported in this section. On the balance sheet, the only long term asset we have comes from property, plant and equipment and is the Equipment account. On the balance sheet, accumulated depreciation is subtracted from the value of the plant and equipment. The amount of a long-term asset’s cost that has been allocated, since the time that the asset was acquired. Fully depreciated assets that continue to be used are reported at cost in the Property, Plant and Equipment section of the balance sheet. If you are also familiar with provision for loan or account receivable, these are also the contra account of loans or receivables so that the loan or AR will be reported at the net in the balance sheet. a. on the income statement as an expense. B. liability. Depreciation is expensed, product by product, on the income statement. Accumulated Depreciation, Equipment is reported. C. expense. Total depreciation for the period is reflected as a gain on the cash flow statement. Accumulated depreciation is an asset account with a credit balance known as a long-term contra asset account that is reported on the balance sheet under the heading Property, Plant and Equipment. As the value of assets erodes from usage, the value is written off on the balance sheet. As a result, the combination of these assets' costs minus their accumulated depreciation will likely be a net amount of zero. D. … Fixed assets consist of property, plant, and equipment that are long-term in nature and are used to produce goods or services for the company. Answer to Accumulated Depreciation, Equipment is reporteda. The contra-account for depreciation is accumulated depreciation. In trial balance, the accumulated depreciation expenses are the contra account of the fixed assets accounts. The accumulated depreciation of an asset is the amount of cumulative depreciation that has been charged on the asset since the date of its purchase until the reporting date. on a balance sheet, accumulated depreciation-equipment is reported as a(n): A. deduction from the cost of the equipment. Additional equipment was purchased for $220,000 cash. During 2015, equipment was sold for $3,000 cash with an original cost of $20,000 and $10,000 of accumulated depreciation. 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