My s-corp elected cash-basis accounting. We need to file a balance sheet for the first time per the IRS, but as I understand it cash-basis balance sheets do not include long-term assets, depreciation, inventory, balances owed on loans, payroll tax liability, sales tax liabilities, etc etc etc. What DO I put on the schedule L for a cash-basis company? Like the bare minimum. We have long-term assets and outstanding loans used to pay for the assets. We also had balances due on credit cards used to pay for some of our expenses. Also, where is Turbotax getting the retained earnings calculation from, and how will this affect what I need to put on the balance sheet? Like, if I leave long-term assets off, won't I need to adjust Turbotax's number? It seems Turbotax is set up for accrual basis even though I chose cash-basis???
