What is the formular for total assets per company books on form 1120s

For the formula to calculate total assets per company books for Form 1120S, you can use the following:

 

Steps to Calculate Total Assets per Company Books on Form 1120S

1. Add Up Assets Owned by the Business at the End of the Year:
   • Cash on hand and in the bank
   • Money owed to you by your customers (accounts receivable), your shareholders, or others (notes and loans receivable)
   • Inventory on hand
   • Depreciable assets such as buildings, equipment, furniture, and vehicles
   • Land
   • Investments such as stocks, bonds, and collectibles, including tax-exempt investments like state or local bonds
   • Depletable assets such as mineral deposits and oil reserves
   • Intangible assets like trademarks, patents, and goodwill
   • Current assets, including prepaid expenses such as rent, insurance, and taxes
   • Other property and assets that your business owns
2. Subtract the Following, if Applicable to Your Business:
   • Accumulated depreciation of property like vehicles, furniture, and equipment
   • Accumulated depletion of depletable assets
   • Accumulated amortization of intangible assets
3. Review Your Trial Balance or Balance Sheet: If you (or your accountant) prepared a trial balance or a balance sheet at the end of the year, the total assets amount will be the total of the assets section of that report.

 

Steps to enter Assets in TurboTax:

1. Sign in to your TurboTax account and open your return.
2. Go to the section  for - Balance Sheet  by clicking here.
3. Enter the values for assets as per your company's balance sheet or based on the calculation above

 

For official IRS guidance, refer to the IRS Instructions for Form 1120

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