How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Megan C Your Own Question

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12544
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Type Your Tax Question Here...
Megan C is online now
A new question is answered every 9 seconds

I need to know how to complete schedule L on my 1120s retu

Customer Question

I need to know how to complete schedule L on my 1120s return
Submitted: 10 months ago.
Category: Tax
Expert:  Megan C replied 10 months ago.

Customer:

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Customer:

How are you?

Customer:

If your total assets and total income is less than $250,000 then you do NOT have to complete schedule L on your 1120s tax return

Customer:

Schedule L is basically your balance sheet per books, so what you do is just take your balance sheet and input that information into schedule L

Customer:

You have two sets - you have beginning of the tax year, and the end of the tax year

Customer:

Your beginning balance sheet would them be last year's ending balance sheet

Customer:

The current year would be your year end balance sheet

Customer :

I need to know what i put in what boxes, i have a checking acct, i also have a license that is very valuable, and i have vehicle

Customer:

The checking account would go on line 1

Customer:

the license would go on line 13a and any amortization of that license would go on line 13b

Customer:

and the vehicle would go on line 10a

Customer:

what other accounts do you have that you need help placing in the form?

Customer :

one secord im getting my self together

Customer:

okay

Customer :

ok 13b has column a and column b

Customer:

In 13b you enter in the amortization amount in column a. In column b, you take the license and subtract out the amortization and put that amount in that area.

Customer:

Same for your vehicle. You will enter depreciation on line 10b column a, then take the value of the vehicle less the depreciation and put that in column b

Customer:

Do you have any more accounts you need help placing in the schedule?

Customer :

yes im doing it so that i understand please hold thanks

Customer:

ok

Customer :

if my vehicle is listed on 4562 do i still put them here, they are being depreciated on 4562

Customer:

Yes, you still put that here - you are just stating the book value of your asset here

Customer :

the second part liability and shareholder equity

Customer:

Yes

Customer :

i have a loan on the licence, i am 100 owner

Customer :

percent owner

Customer:

you would put that in "other liabilities" line 21

Customer :

please tell me what to do in the liability section step by step thanks

Customer: What liabilities do you have
Customer: It's easier if you tell me what you have
Customer :

a loan

Customer :

i have a valuable lic, and a loan on it

Customer: ok. If that's all you have put that in the line for "other liabilities"
Customer: the license goes on line 13a
Customer :

the outstanding loan balance?

Customer: Yes the outstanding loan balance
Customer :

ok what about other columns

Customer: If you don't have any other liabilities than they are blank
Customer :

right

Customer: Any other accounts?
Customer :

no more liabilities

Customer: ok. Then you have stock and retained earnimgd
Customer :

i have stock, what is retained earnings?

Customer :

I own 100 percent and i think there is 200 hundred shares outstanding

Customer: do you keep accounting records?
Customer :

no

Customer: Well you would need to keep accounting records to get that amount
Customer: I can't help you figure that amount
Customer :

how would i do that?

Customer :

is there a formula or a procedure? , can i leave that out

Customer: Are you cash or accrual basis?
Customer :

cash

Customer: well what you can do is take your total assets and subtract your liability and the value of your stock. Put that in retained earnings
Customer: oh ok if you're cash basis you won't have retained earnings
Customer :

good, what next?

Customer: You're done
Customer :

lines 16-27 nothing else to go on these?

Customer: Put the value of your stock on line 22
Customer :

i dont know its value?

Customer: I can't help you with that
Customer: if you don't know put your par value
Customer :

next

Customer: Once you do that you're done
Customer :

ok thanks so much let me finish today and ill get back asap, thanks again and you've been great

Customer: will you please take a moment to rate my response as excellent so that I may receive credit for assisting you today
Customer :

i will soon thanks

Customer: do you need further assistance? We can continue our correspondence even after you rate
Expert:  Megan C replied 10 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Megan C replied 10 months ago.

Hey Mike You can still ask questions, were just moved to a different format. Please feel free to continue below. Once finished please rate my response as excellent so that I may receive credit for assisting today

 

Also, Mike you're going to need to figure your retained earnings. What these are is your net income that has not been disbursed to the shareholder. So, whatever earnings you keep in the company that's the retained earnings. I can't help you calculate this - if you needed help calculating you would have to take all your records to a professional and they would have to sift through all your records.

There is a quick and easy way. Take your total assets and subtract out your liability and subtract the value of your stock. Use that as your retained earnings figure to keep your balance sheet in balance. It's not the technically correct way of doing it. You would need a professional to complete that for you to do it correctly.

Expert:  Megan C replied 10 months ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.