Needing help creating Balance Sheet, Single member LLC S-corp

Forum|Forum|3 years ago
February 1, 2023
1 reply
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What would a balance sheet look like and the exact category of each line for the following scenario? I don't know at all what I'm doing.

LLC S-corp with $0 beginning and $0 ending balance

$60,000 income

$200,000 Paid-in capital

$30,000 Land

$25,000 EIDL

$250,000 Building in process

$30,000 expenses

$5,000 bad debt

(I got a PPP a couple of years ago when I was sole proprietor and feel I can list it or not list it as it's the same business and I'm 100% just me, is there a benefit to listing it and reduce the paid-in capital, or leave it as paid-in capital)

TurboTax Business Windows

ThomasM125

The paid in capital would be listed on line 23 of schedule L. The land would be an asset listed on line 12. Building in progress would appear on line 10(a). The rest of the items you listed are income items so they wouldn't appear on a balance sheet. Your beginning retained earnings plus income for the year less distributions would be your ending retained earnings on line 24.

If the PPP loan was forgiven, it would have been listed on your income statement as other income and would have ended up in retained earnings. Otherwise, you would list is as a note payable on line 20 of schedule L.

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