Using TT Business for LLC as S-corp. Can't finish 1120S balance sheet

[ThomasM125]

If your assets and receipts are less than $250,000 then you won't need to enter a balance sheet on your tax return. You can check the appropriate boxes on line 11 of your schedule B and leave the balance sheet alone. Otherwise, you need to compare the balance sheet on your financial statement with the one listed in TurboTax and adjust the balances that are off.

[inoss]

Right, got that. Can you think of any adjustments that can be made to the balance sheet?... All I have is capital stock of $100, retained earnings which is the problem.. Thanks.

[ZoltanB45]

As mentioned above, you do not need the balance sheet on your informational return until you have more assets. Question is how did the $100 of stock appear? There needs to be an opposite entry.  There should be a $100 somewhere. Put $100 to cash if you need it to balance.

[inoss]

Got it, thanks!