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
You'll need to sign in or create an account to connect with an expert.
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?
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
Forgot to include: Each of us contributed $1500 ($3000 total) mid year.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
bsperkins
Level 1
Whiteclay
Level 1
Heidi_Marcum
New Member
beanorama
Level 3
kdubberley
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.