S-Corp Sch L 2010 TY

[AZ-Tax]

2010 under Assets 10b "less accumulated depreciation" column C. Is this calculated by adding the "prior depreciation" and "current depreciation" from the "Depr and amortization report" and if so the bookkeeper didnt do this but I know the books are usually off.

[Matt Sova]

Not always

If the corporation sold any equipment during the year that formula will not work. For instance, if you have 2010 Accum Depr = $100,000. 2011 Depr Exp = $15,000 then you would assume that the 2011 Accum Depr would be $115,000. But, if the corporation sold a piece of equip that had $10,000 of Accum Depr then the 2011 balance would only be $105,000.

[AZ-Tax]

Nothing sold in 2010

If the corporation sold any equipment during the year that formula will not work. For instance, if you have 2010 Accum Depr = $100,000. 2011 Depr Exp = $15,000 then you would assume that the 2011 Accum Depr would be $115,000. But, if the corporation sold a piece of equip that had $10,000 of Accum Depr then the 2011 balance would only be $105,000.

No equipment was sold in 2010.