@jazzymaddy wrote:
I think all the profit and loss I entered through the whole process reflect that loss, so I'm wondering why the balance sheet is wanting to show 0 when there IS a loss.
You might not have to even bother with the balance sheet depending upon the form of entity and the volume of your business.
See Question 11 (Schedule B) for S corporations: https://www.irs.gov/pub/irs-pdf/f1120s.pdf
See Question 4 (Schedule B) for partnerships/LLCs: https://www.irs.gov/pub/irs-pdf/f1065.pdf
Regardless, it hopefully goes without saying that there is a difference between a balance sheet and a P&L statement.
