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Ask Lane Your Own Question
Category: Finance
Satisfied Customers: 9763
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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On a 1120S and we fall under 250000. We are not doing a balance

Customer Question

On a 1120S and we fall under 250000. We are not doing a balance sheet. What figure is need for Line F Total assets
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Need to know what figure goes into Line f on a 1120s form and how to do this figure
JA: Is there anything else the Accountant should be aware of?
Customer: We are needed to give this to the attorney by tomorrow for bankruptcy compliance
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 5 months ago.
Category: Finance
Expert:  Lane replied 5 months ago.
Total assets would be the total of all balance sheet assets. (and, as you mention, not necessary to flow to Schedule L, line 15)...You should be able to pull this from your quickbooks, other bookkeeping software or general ledger if you don't use a package....Here's IRS' description of item F, from the line by line instructions for the 1120-S..."Item F. Total AssetsEnter the corporation's total assets (as determined by the accounting method regularly used in keeping the corporation's books and records) at the end of the tax year. If there were no assets at the end of the tax year, enter -0-."...Some common examples of assets would be the following:...Current Assets (account numbers 10000 - 16999)10100 Cash - Regular Checking10200 Cash - Payroll Checking10600 Petty Cash Fund12100 Accounts Receivable12500 Allowance for Doubtful Accounts13100 Inventory14100 Supplies15300 Prepaid Insurance Property, Plant, and Equipment (account numbers 17000 - 18999)17000 Land17100 Buildings17300 Equipment17800 Vehicles
Expert:  Lane replied 5 months ago.
Please let me know what questions you have from here....Lane......I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, on three continents, since 1986
Expert:  Lane replied 5 months ago.
Hi,...I’m just checking back in to see how things are going...Did my answer help?...Let me know…...Thanks,Lane