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Recent Balance Sheet questions

I need to prepare a Personal Financial Statement. My husband

I need to prepare a Personal Financial Statement. My husband is a sole owner of single member LLC which we file on Sch C. Our business assets are really assets under our personal name, not the business name (for example our vehicles) that we use for business. Do these need to be included in the PFS? What about other business assets, like our supply warehouse, our RV we use for out of town jobs?We have a home office. Do all furnishings in office and electronics, such as computers, need to be included in PFS?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,430 satisfied customers
Accounting question, not tax, I was just hired by a small

Hi, accounting question, not taxJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I was just hired by a small business to do their bookkeeping. They have been in business for nearly 10 years and never created a balance sheet. How can I determine current owner's equity?JA: Is there anything else the Accountant should be aware of?Customer: I have all the other figures necessary.

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PDtax

Owner

Master's Degree

7,682 satisfied customers
I am during my rental properties tax return. It is in an LLC

I am during my rental properties tax return. It is in an LLC partnership. I keep getting teh following errors:1. 1065 Warning - Beginning total assets should equal beginning total liabilitiesand capital.2. 1065 Warning - Ending total assets should equal ending total liabilities andcapital.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,110 satisfied customers
I had a line of credit for a property I bought and payments

I had a line of credit for a property I bought and payments used to be made by my business (S Corp), so my previous accountant listed it as a business liability. SInce 01, I assumed payments for the LOC and payments were made from my personal account, but the LOC never got removed from my business books as a business liability. I would love to do so. What ournal entry should be made to do so?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,110 satisfied customers
My LLC which is taxed as an S Corp closed and dissolved in

My LLC which is taxed as an S Corp closed and dissolved in August. I am filing my last return.The s corp had huge debts that were not paid and we have since filed bankruptcy.Will my balance sheet be zero or still show the liabilities?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,110 satisfied customers
Our accountant died 2 years ago & had been our business &

our accountant died 2 years ago & had been our business & personal for over 20 years . In 2011 he put in our business financial that a new entrie was created that there now was a note receivable from shareholder for 360 000.00 ? We are a s corp & have another rental properties in our portfolio . We were not savey with accounting & never realized this until we provided last year when we went to refinance our personal home for a better rate & the underwritter turned down the refinance until we provided a answer ? Because it's listed under the balance sheet under assets . N/R shareholder . Our accountant submitted a letter to underwriting. He said this ; form 1120 S page 4 sededule L . On line 17, column D , you find a balance . On the line marked marked mortgages , note , bonds payable in less than 1 year . The current amount of as dec 1 st 2014 is $ 360 000.00. This represents monies that myself has loaned personally to the corporation over time to enable the other S Corp that we have to purchase additional realestate. While it could be classified as " loans from shareholders " ( line 19 ) the loans really represent loans of " unofficial mortgages " on those acquired new properties . The " notes " are all one year in length . No interest and automatically renew every year on Jan 1 . Any reduction in the note is the result of excess cash generated by the corporation over one year . So how do I get this off of my tax returns & balance sheet ? No one even my current new accountant can answer this ? I need to bankrupte this company which is 1 of the 2 S Corps we own ? They told me I can only get it off with equity in the corp ? What do I do to get it off ?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,430 satisfied customers
In a single member LLC if the owner withdrawal more than his

In a single member LLC if the owner withdrawal more than his contribution, does he has to pay more taxes?

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ABC Accounting Group

Bachelor's Degree

1,014 satisfied customers
Lane, I have a clients who's Balance Sheet has been out of

Hi Lane,I have a clients who's Balance Sheet has been out of balance for a few years. What is the easiest and quickest way to put this back in balance? Please see attached copy.Thanks,Kathleen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,110 satisfied customers
I have a client who is subject to section 253A cost for his

I have a client who is subject to section 253A cost for his indirect costs are now over $250k, I figured out the %, now I just to an entry put the asset on the books and I make a contra account to cogs called Section 263A cost? Is that right?

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

4,178 satisfied customers
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