balance sheet question

[Questionguy101]

Company has received a $5,000 checks from it's customer at the end of 2007 but the checks were not deposited until 2008.

Is the $5,000 considered 'cash on hand' or 'account receivable' at the end of 2007?

[JohnH]

Cash on hand.
Constructive receipt & all that stuff...

[Questionguy101]

Cash on hand.
Constructive receipt & all that stuff...

Thank you John.

Just one more question. A sole proprietor contributed the equipments when he incorporated his business to become a S-corp in 2007. Supposed the equipments were purchased in 2005 at $8,000 and they had a remaining depreciation basis of $5,500 when they were contributed to the S-corp in 2007. Is the $5,500 considered 'additional paid in capital' to the S-corp?

[Questionguy101]

A sole proprietor contributed the equipments when he incorporated his business to become a S-corp in 2007. Supposed the equipments were purchased in 2005 at $8,000 and they had a remaining depreciation basis of $5,500 when they were contributed to the S-corp in 2007. Is the $5,500 considered 'additional paid in capital' to the S-corp?