How to offset accumulated depreciation in liabilities column

[cwisz]

Example:  Started year with $100 in assets.  Bought car for business, cost $35000.  Want to take max depreciation deduction of $17,100, leaving assets totaling $18,000.

Business owes $30,000. No equity in business - it's an all-cash service business, so no goods sold, etc.  Simply using profit of business as additional income.

Assets of $18,000, liabilities of $30,000.  In order to make balance sheet balance, how do I account for the $12,000 difference?  Thanks very much for any help you can provide.

[LudwigVan_fan]

Without a complete view of the books, I'm assuming the $12,000 difference is the tax profit.  That would be shown as retained earnings on a corporate balance sheet.  You don't specify what from of business or what tax form you're filing, but here is a link to a Form 1120. 

You can review the balance sheet...for other forms, they will have a similar item, called capital account, etc. that would be similar to retained earnings.

https://www.irs.gov/pub/irs-pdf/f1120.pdf