A balance sheet for a S-Corp return (1120S) is NOT required if you meet both of the following requirements: 

  • The corporation’s total gross receipts for the tax year were less than $250,000, and
  • The corporation’s total assets at the end of the tax year were less than $250,000

A balance sheet for a Partnership return (1065) is NOT required if you meet both of the following requirements:

  • The partnership’s total gross receipts for the tax year were less than $250,000. 
  • The partnership’s total assets at the end of the tax year were less than $1 million. 

Assets

Cash
Enter the ending balance for the year (12/31) from the general ledger account that reflects the company’s balance in its regular checking account.

Accounts Receivable
Enter the balance as of 12/31 for claims resulting from the delivery of goods or services on credit

Loans to Shareholder/Member
Enter the ending balance as of 12/31 for Loans to shareholders/members.

Land
Enter the ending balance as of 12/31 for land.

Other Assets
Enter ending balance as of 12/31 for other assets not already entered anywhere else.

Liabilities

Accounts Payable
Enter the balance of the purchase of goods and services on credit as of the end of the reporting period (in most cases 12/31)

Other Current Liabilities
Enter the ending balance as of 12/31 for an obligation that will become due within one year of the balance sheet date.

Loans from Shareholder/Member
Enter the ending balance of loans from shareholders as of 12/31.

Long-Term Loans
Enter the ending balance as of 12/31 for an obligation that will become due in more than one year of the balance sheet date.

Other Liabilities
Enter ending balance as of 12/31 for other liabilities not already entered anywhere else.

Equity

Capital Stock
Amount received by the corporation from the original issue of its shares of common and preferred stock; contributed capital.

Distributions to Shareholder/Member

Distribution of cash to a corporation’s shareholder/member

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