How am I supposed to balance the balance sheet when the client has no revenue and lots of expenses, nothing for inventory, no cash, equipment, etc. THANKS!!!
How am I supposed to balance the balance sheet when the client has no revenue and lots of expenses, nothing for inventory, no cash, equipment, etc. THANKS!!!
Hi there, I am doing corp taxes for a client that is 2 years behind.
For their first year, they have $100 revenue, but a ton of expenses.
They have no assets at all.
How am I supposed to balance the balance sheet when all I have is $100 revenue and $5000 expenses, nothing for inventory, no cash, equipment, etc.
How am I supposed to balance the balance sheet when the client has no revenue and lots of expenses, nothing for inventory, no cash, equipment, etc. THANKS!!!
Hello,
The S100 balance sheet is a standard form for all corporations and they must always balance, even inactive corporation or corporations with a loss have balance sheet which balance. I believe there might be some information which is missing in the financial statements. For more information on this I would invite you to either contact our support line at 1-866-438-8020, or for a better tax advice answer contact CRA tax tip line at 1-800-267-6999.
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