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I have a question on 1120S Line F total assets, Well, what…

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I have a question on 1120S Line F total assets

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

Well, what are total assets with respect to line F. Is it just cash assets or equipment too?
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I have a question on 1120S Line F total assets

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

Well, what are total assets with respect to line F. Is it just cash assets or equipment too?

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Answered in 4 minutes by:
3/12/2016
R. Klein, EA
R. Klein, EA, Accountant
Category: Financial Software
Satisfied Customers: 3,382
Experience: A member of the Intuit Ask a Tax Expert team and 10 years as QuickBooks Certified Pro Advisor.
Verified

Good evening and thank you for your tax question today.

The total assets figure that goes on the top of Page 1 of your Form 1120S represents the TOTAL net assets on your company's balance sheet. Cash, equipment, A/R, everything, net of accumulated depreciation and amortization. This gives the IRS an idea of the company size.

I hope this answers your concern today. If you need further clarification of my answer before you provide a rating, please feel free to ask and I will respond shortly. Otherwise, to close the question, please provide a positive rating!

Have a good evening!

R. Klein, EA
R. Klein, EA, Accountant
Category: Financial Software
Satisfied Customers: 3,382
Experience: A member of the Intuit Ask a Tax Expert team and 10 years as QuickBooks Certified Pro Advisor.
Verified
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Customer reply replied 3 years ago
Ideally it should be going up each year right if my business is improving. Should the CASH be zeroed out each yearOr does it even matter?Is it better to take a cash distribution and have Line F be zero or lower
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