Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 08-16-2017, 03:56 PM
Join Date: Feb 2013
Posts: 35
Schedule L Form 1120S

I am currently preparing a company 1120 S but Schedule L does not balance, it's off by $25936.00 because line 24(Retained Earning) that flow from M-2 line 8 is incorrect base upon the company ending balance sheet figures.

On Sch M-2 Line 1 the amount is $12,790.00(12/31/14-Retained Earning)

The company balance sheet is showing $40,774.00(which is 2013 & 2014)
If I subtract the amount on Line 1 above-$12,790.00-since it's included in that $40,774.00 which remain a balance of $27,784.00
I subtracted contribution that the company made in 2015 - 2,048.00. The balance is $$25,936.00 which is the same amount that Sch L is off by. In order to rectify this problem on sch M-2, I subtracted that amount from shareholder's distribution which was $104,878.00, and thus it balance off Sch L; however, I am not too sure about it, so please advise.

Thank you.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
1120S form and REal Estate Tax Paid crhobbs S-Corporation 1 11-21-2015 03:10 AM
Section 179 - 1120s / Schedule K-1 questions dhowardpeters S-Corporation 0 03-13-2014 03:59 PM
sCorp Form 1120s, schedule K-1, line 18 - under 250K TaxMomma71 S-Corporation 5 04-01-2013 01:14 PM
Form 1120S ak0124 S-Corporation 2 02-27-2012 09:27 PM
Income/Loss Reconciliation for Schedule K for 1120S littlem S-Corporation 2 01-23-2012 11:34 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning