The balance in the account Accumulated Depreciation,Equipment will
A) be reported on the Income Statement.
B) be reported on the Statement of Owner's Equity.
C) will be reported on the Balance Sheet.
D) not appear on any financial statement.

Question

Quizplus · Accepted Answer

Accumulated Depreciation,Equipment is a contra-asset account and represents the total amount of depreciation that has been recorded on the company's fixed assets. As a result, it will appear on the Balance Sheet as a deduction from the Equipment account, which is a fixed asset. It does not appear on the Income Statement or Statement of Owner's Equity.

The Balance in the Account Accumulated Depreciation,Equipment Will