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FAQ

My balance sheet is out because there was a write off of a loan against retained earnings in the prior month? How do I fix this?
If you have a difference in balance comprising of more assets, it is good. Just keep the operations going and the liabilities will naturally increase in due course. Make sure you introduce some more capital or add equal proportion of profits this year back into retained earnings.
How do you fill out a balance sheet for a business plan?
You can't just fill out a business plan as you need to construct it from the whole set of information that includes the profit and loss account and other items. A layman will not be able to do this properly so seek out a friend who can give you the advice on how to prepare a proper plan. Doing it in an amateur way will not impressed anyone.
Sometimes with a C-corp the IRS will charge a "retained earnings" tax on retained earnings that are not taken out as dividends. Does the IRS ever do this with LLC's acting as an S corp retained earnings?
Your specific question has already been answered, but as far as the question that you did not ask but should have . . .If a LLC makes an election to be taxed as a corporation, that means exactly what it says -- it "becomes" a corporation when dealing with Federal tax issues. Period. So if retained earnings are taxable -- such as the case you describe with a C corp -- then they're taxable. If not, they're not.If the LLC member who is considered to be a shareholder of the deemed corporation makes a subchapter S election, so that the LLC is considered to be a sub-S corp, then it "becomes" a sub-S corp, subject to all of the S-corp rules, including pass-through of earnings, etc. In either case, the fact that it is legally a Limited Liability Company and not a corporation is not a relevant factor -- at least for Federal tax purposes.
As total net profit is shown in liability side, then what about retained earnings? How are they shown in balance sheet?
HELLO,Net Profit is shown under Reserves and Surplus. Retained earning too comes under Reserve and Surplus only.two method can be followed either you can show Net Profit of Current year in a different column or you can just add the net profit of current year with the last years carried forward profit.Thank You
After net profit is put in to retained earnings, what is the asset side of the balance sheet that balances the increase in equity?
You debit Current Year Net Income to reduce it to zero, and credit Retained Earnings. Both are equity accounts. Nothing else is required.If there was a Net Loss in the current year, then you simply reverse the debit/credit entry above.
A business owner withdraws $65,000 from his retained earnings to pay himself a salary. How does that financial transaction impact assets, liabilities, and owner's equity on the balance sheet?
Presuming it's a simple cash withdrawal, it will impact the balance sheet by reducing assets (cash) and equity (retained earnings) by the same amount. Liabilities would not be affected in this scenario, but it will reduce a number of the company's financial statement ratios such as the Current Ratio, among other liquidity ratios.As far as taxes, that's a whole other discussion and I would be happy to get into that but the question doesn't request it.
Does the ending net cash, found on the statement of cash flows, carry over to the cash and cash equivalents account, or to the retained earnings account on the balance sheet?
Ending cash (and cash equivalents) on the statement of cash flow should agree to cash (and cash equivalents) on the balance sheet.Like so.
How do I fill out the SS-4 form for a new Delaware C-Corp to get an EIN?
You indicate this is a Delaware C Corp so check corporation and you will file Form 1120.Check that you are starting a new corporation.Date business started is the date you actually started the business.  Typically you would look on the paperwork from Delaware and put the date of incorporation.December is the standard closing month for most corporations. Unless you have a significant business reason to pick a different month use Dec.If you plan to pay yourself wages put one.  If you don't know put zero.Unless you are fairly sure you will owe payroll taxes the first year check that you will not have payroll or check that your liability will be less than $1,000. Anything else and the IRS will expect you to file quarterly payroll tax returns.Indicate the type of SaaS services you will offer.