Line 1 is simply cash on hand at end of year. The amount of the loan is not included in line 1. The loan was used to pay a third party contractor and is not on hand at year end.
Also, the loan is excluded from taxable income per CPA guidance. So, It has to included in an untaxed, separate line item. Given the CPA's guidance, the question is where to include it as a separate asset in Intuit's 2020 Business Tax Form 1065, Schedule L Assets in order for the balance sheet "to balance"?
