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Level 2
Aug 14, 2023 9:00 PM UTC
Question

Installment Sale

I sold my S-Corp's assets in 2022. The Equipment component was a cash sale and the Goodwill component was   an installment sale covering 3 years. My question is what does my Balance Sheet look like at the end of 2022 (Year 1)? The company isn't operating anymore, so I am thinking that the only asset I have is the Installment Income Receivable? What about the offsetting capital entry? 

1 reply

Level 15
Aug 14, 2023 10:42 PM UTC

Duplicate post.