Question

llc partnership ending liabilities not matching assets in balance sheet

Forum|Forum|6 years ago
March 2, 2020
1 reply
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I have a pop up bookstore. my wife and i own it. we but about 5600 into it of our own money as seed funds. for the first year we have shown a sales loss (equipment, licenses, consutants etc. took a good bit of the funds).

my ending balance for the liabilities shown by us are not at all equal to the total assets in the company. i cannot figure out why other than that i am not seeing a place to enter all the stuff we bought (tangible and intangible) which isnt listed as a depreciatable item. which we technically still own.

TurboTax Business Windows

D

DianeC958

Any items that you own and still have are considered assets not liabilities.

If the items you purchased (tangible and intangible) are not assets then they would be accounted for on the Profit & Loss Statement.

There is a section on the balance sheet for Building and other depreciable assets if the items have been fully depreciated the amount in box below labeled Accumulated Depreciation should include the full amount for those items.

If you have any outstanding loans for the business those belong in the liability section.

If you purchased a piece of equipment with a loan or credit card and owe an amount on that loan still this would be reported as a liability of the company.

The income from the business made increases your equity in the business while any money you took out personally reduces your equity in the business.

How Do I reconcile my balance sheet in TurboTax?

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