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In a business tax return, my total assets at beginning of…

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In a business tax...

In a business tax return, my total assets at beginning of the year were 12,500 and at the end of the year my assets were 2,999, how do i get the assets equal to the liabilites and equity

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Well no, are the assets what a business is worth?

Submitted: 1 year ago.Category: Tax
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Answered in 13 minutes by:
4/25/2017
Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 1 year ago
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 207
Experience: Partner at Michels & Hanley CPAs, LLP
Verified
Hello. My name is ***** ***** I will assist your you with your question today. Do you have a completed trial balance for the company? The equity will include the retained earnings from the prior year as well as the net income (revenue less expenses) for the current year. Are you on the cash basis of accounting?
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Brian Michels
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 207
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Experience: Partner at Michels & Hanley CPAs, LLP

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