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How to show deposit for a car?

Golfer2016
Level 2

How would you show a deposit on the 1120S balance sheet for a car that isn't in service yet?  This is for a car.  The client put down $100 to get in line.  Since there is no service yet, I didn't want to list it as depreciable asset.  I guess I could just list it as an other asset and put Deposit on details?

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2 Replies 2
taxea96786
Level 5

It gets added to the total cost.

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sjrcpa
Level 15

Yes-Other Asset, Deposit


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