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Taxm0m22
Level 1

Balance Sheet

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.

1 Best answer

Accepted Solutions
tagteam
Level 15

Balance Sheet

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.

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2 Replies
tagteam
Level 15

Balance Sheet

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

Balance Sheet

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...

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