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Level 2
September 5, 2022
Solved

Balance Sheet

  • September 5, 2022
  • 2 replies
  • 13 views

My S Corp did not have an income of greater than 250,000 in past years so no balance sheet was done. I now have to do a balance sheet and can not get it to balance. Not sure where to pull numbers from since the Schedule L from last year is blank.  I put in opening account balance and closing account balance as well as asset/depreciation information.

    Best answer by Anonymous_

    You need to refer to your books which, hopefully, you have been keeping separately.

     

    Other than what you mentioned, look at capital stock, retained earnings, and cash.

    2 replies

    Level 15
    September 5, 2022

    You need to refer to your books which, hopefully, you have been keeping separately.

     

    Other than what you mentioned, look at capital stock, retained earnings, and cash.

    SteamTrain
    Level 15
    September 5, 2022

    Possibly related to this recent bug just being reported & apparently due to the most current software update??

     

    Re: TurboTax 2021 Federal Taxes Deduction calculation wrong for common business expenses -- software bug? (intuit.com)

    ____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*