Brain dead balance sheet question (Corp TurboTax)

account1 · ‎March 15, 2020

Sorry, I feel I'm missing something here, but I have a basic situation filing first year corp taxes.

Balance sheets

Assets: Cash $28k

Liability: $55k shareholder loan (one shareholder loaned the money)

.... can't make that balance. The balance sheet was unbalanced the second we paid a bill. We had lots of bills in starting off that reduced cash and didn't net any asset changes.

The software is warning me against submitting a return with an unbalance

Thanks

Chris

TurboTaxKim · ‎March 17, 2020

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Brain dead balance sheet question (Corp TurboTax)

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