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While preparing my S-Corp return for a small business.

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While preparing my S-Corp...

While preparing my S-Corp return for a small business. Cannot get balance sheet to balance, Schedule L specifically

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Balance sheet is out of balance

Submitted: 4 months ago.Category: Tax
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Customer reply replied 4 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 4 months ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Answered in 52 minutes by:
3/10/2018
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,150
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago

Dear Customer,

Please feel free to request phone service at your end.

Also, please give details on what part of the Schedule L is not balancing. Describe details on what you did so far.

Do you have to do Schedule L provided the standard is 250,000 in assets or 250,000 in gross receipts?

Please feel free to follow up.

Regards,

Fiona

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Customer reply replied 4 months ago
We do not have 250,000 in gross receipts, but we are required to do it for the state we live in. We just entered in the amount of income we had for the year, minus purchases, and it showing us at unbalanced.
Customer reply replied 4 months ago
I have attached a .pdf copy of the issue and its explanation as provided to us
Customer reply replied 4 months ago
This is what it is telling me
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago

Dear Customer,

We need to enter the account balances as the beginning of the year and at the end of the year.

In your case, just by looking at the balance sheet itself, the difference is the owner's equity. So, if you enter the owner's equity for the difference of the two, the balance sheet will be balanced. It can be put in Lines 22- 25. It may also possibly be the loan from the owner, Line 19. The balance sheet will also be balanced.

Regards,

Fiona

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