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TestingIntl
Returning Member

Balance sheet not in balance

Me and a partner just started a small business last year.  We have not taken any dispersals because we are not making money yet.   My balance sheet will not balance and I cant figure out why.  Please HELP!

 

Information from Schedule L in Turbotax Business:

Beginning of tax year:

Buildings and other assets:  $39,908

Accumulated depreciation:  $16,348

 

End of Year:

Buildings and other assets:  $39,908

Accumulated depreciation:  $23,441

 

Total Assets:  Beginning of year:  $23,560; End of year:  $16,467

 

Loan from shareholders:  

Beginning of year: $0

End of year: $3000 (loaned to company mid-year)

 

Retained Earnings:  (-$1,936)

 

Capital and Retained Earnings:  $1,064

 

Balance sheet out by:  Beginning of year =$23,560;  End of year = $15,403

 

 

 

3 Replies
martinmarks
Level 9

Balance sheet not in balance

Any other assets? What were your total receipts for the year? You probably don't even have to do the balance sheet. Anyway, what about the other account......like cash for example.....and what and how much did you each contribute?

TestingIntl
Returning Member

Balance sheet not in balance

We dont have to do a balance sheet for the Federal Government but my State requires one for all businesses (North Carolina).  Total receipts were $86,695.  Total Cash: Beginning of year $6,849

TestingIntl
Returning Member

Balance sheet not in balance

Forgot to include:  Each of us contributed $1500 ($3000 total) mid year.

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