I'm wondering if the balance sheet looks right or if I should be making a journal entry to move funds over to a "other expense" account labeled long-term capital gains/losses which would translate onto form 1065 for the final tax return of 2016. As mentioned above, the business ultimately failed and we closed up shop in December.
The balance sheet reads as follows:
Member 1 Equity
Member Draws ($17,988.37)
Member Investment $177,618.53
Member Other ($159,630.16)
Total Member Equity = $0
Retained Earnings $4,575.88
Net Income ($4,575.88)
Total Equity = $0
Total Liabilities and Equity = $0
Do I need to make any additional journal entries in Quickbooks?
