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I am filing business taxes on my own , i have already filed

extension i am having problem...
I am filing business taxes on my own , i have already filed extension i am having problem with balance sheet ,
i am using Turbo Tax Business 2012
I have successfully filled Income section and deductions properly
I am having problem with Balance Sheet and not able to proceed further
when i begin the Balance sheet section
here are the steps
1)Enter Total Cash Beginning of year =$46900
End of Tax Year=$9870
2)Do you have nay Accounts receivables= NO
3)Loans to share holders
beginning of year =$32000
end of year=$0
3)Land
enter the original cost of land the corporation owned
beginning of year=$0
end of year=$0
4)buildings and other depreciable assets owned
beginning of year=$0
end of year =$0
accumulated depriciation
beginning of year=$0
end of year=$0
5)intangible of assets
beginning=$0
end =$0
6)any other assets
nill
7)Total assets
$9870

8)Accounts payable
My question is beginning of year
i have generated salary for 2 employees
$26666.67
can i put this as end of year $26666.67?
9)Loans from shareholders is $32000
end of year is 0
10)other liabilities
$24324 (these are taxes for 2011 for federal and NJ)
Capital stock
0
0
Adjustments to shareholders
no the corporation does not have any adjustments to shareholders
11)based on the numbers entered total liabilities $39,307

In review beginning section
Total Biginning assets
$78900
Total biginning liabilities $56,324
I am seeing Balance sheet out of balance
beginning of tax year $22,576
end of tax year -$29337

can any one help me
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Answered in 27 minutes by:
7/27/2013
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,712
Experience: 35 years tax experience, including four years at a Big 4 firm.
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As long as you have a balance sheet from last year that balances, we should be okay. If that doesn't balance, start with your copy from last year. If you printed one, best. If not, pull it up from last year's TurboTax.

For the end of year balances, if cash is the only asset, that's easy. Cash and total assets are 9870.

Liabilities at year end: do not claim employee salaries as liabilities. Liabilities at year end should be 0.

If you paid your 2011 Federal and NJ taxes, the tax liabilities at year end should be $0.

Stock balance won't change from year to year.

Retained earnings will be last year's balance plus earnings.

If you follow this outline, your balance sheet will be well on the way to balancing.

Please advise if you can reproduce the balance sheet from the prior year, and your draft of what you have so far, and I can offer more pointed advice.

PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,712
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Category: Tax
Satisfied Customers: 4,712
4,712 Satisfied Customers
Experience: 35 years tax experience, including four years at a Big 4 firm.

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