topic Balance sheet not in balance in Business & farm

Balance sheet not in balance

TestingIntl — Wed, 03 Mar 2021 20:56:07 GMT

Me and a partner just started a small business last year. We have not taken any dispersals because we are not making money yet. My balance sheet will not balance and I cant figure out why. Please HELP!

Information from Schedule L in Turbotax Business:

Beginning of tax year:

Buildings and other assets: $39,908

Accumulated depreciation: $16,348

End of Year:

Buildings and other assets: $39,908

Accumulated depreciation: $23,441

Total Assets: Beginning of year: $23,560; End of year: $16,467

Loan from shareholders:

Beginning of year: $0

End of year: $3000 (loaned to company mid-year)

Retained Earnings: (-$1,936)

Capital and Retained Earnings: $1,064

Balance sheet out by: Beginning of year =$23,560; End of year = $15,403

Re: Balance sheet not in balance

M-MTax — Wed, 03 Mar 2021 21:05:00 GMT

Any other assets? What were your total receipts for the year? You probably don't even have to do the balance sheet. Anyway, what about the other account......like cash for example.....and what and how much did you each contribute?

Re: Balance sheet not in balance

TestingIntl — Wed, 03 Mar 2021 21:10:21 GMT

We dont have to do a balance sheet for the Federal Government but my State requires one for all businesses (North Carolina). Total receipts were $86,695. Total Cash: Beginning of year $6,849

Re: Balance sheet not in balance

TestingIntl — Wed, 03 Mar 2021 21:11:42 GMT

Forgot to include: Each of us contributed $1500 ($3000 total) mid year.