Question

Balance Sheet Help

Forum|Forum|2 years ago
February 19, 2024
1 reply
0 views

My C-Corp is a start-up. First year filing taxes.

It was incorporated 1/18/2023.

Before 1/18/2023, I provided a Loan from Shareholder for Start Up Costs. ($3719.66).

On the Balance Sheet, I placed the Start Up Costs amount in the Intangible Assets.

After 1/18/2023, I provided a Loan from Shareholder for Organizational Costs ($101.00) and Operating Expenses ($970.27)

On the Balance Sheet, I placed the Organizational Costs amount in the Intangible Assets. (Now a total of $3820.66)

My total Loan from Shareholder was $4790.93.

On the Balance Sheet, the TurboTax Business Desktop Online program placed the Loan from Shareholder amount in the Retained Earning-Unappropriated.

In order to balance the Balance Sheet, where do I place the ($970.27) portion of the Loan from Shareholder, that was spent throughout 2023 for Operating Expenses?

R

RobertB4444

If you have already entered that amount as a loan from shareholders then the other side of the equation is the amount spent on operating expenses which is reflected as a reduction in retained earnings. Those are the only entries that should need to be made for this amount.

@WGFarm

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"