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S corp balance sheet retained earnings Form: What You Should Know

The balance in a retained earnings account is equal to (current tax basis of) the corporation's net income and may be used to pay taxes. Form 1120 and Form 1120-S — Balance Sheets Per Book The balance sheet method of accounting is used to report the assets and liabilities of the organization, and other information relating to the organization, to the U.S. federal and state tax authorities. Balance Sheet method can be used over the period January 1st to the day of the payment to be made. A balance sheet gives information about the assets and liabilities of the organization, and other information relating to the organization, as of the end of the reporting period, usually 30 days after the end of the reporting period, and provides an approximation of future statements of account for the organization. The difference between net assets and total assets is reported on the balance sheet. The balance sheet can be used as a way to estimate current assets and liabilities. A balance sheet has four parts: A balance sheet also includes a statement of stockholder's equity (satisfaction of liabilities and commitments) and stockholder's surplus (repayments for earlier distributions).  Stockholders are allowed to set aside net income from the organization in a special account to make payments (such as the payment of taxes), or to make investments. An example of a balance sheet could be shown as follows: Lines Item Description of Form 1 (Balance Sheet) “Total Assets : 15,000 Assets of the business. 2 (Balance Sheet) “Cash on hand : 5,000 Cash in the business. 3 (Balance Sheet) “Lines of account : 5,000 Assets of the business. 4 (Balance Sheet) “Items in process : (4,500) Accounts receivable. 5 (Balance Sheet) “Accounts payable and accrued expenses : (15,000) Accounts payable and accrued expenses of the organization. 6 (Balance Sheet) “Payable and accrued income taxes : (30,000) Current taxes. 7 (Balance Sheet) “Net earnings from continuing operations : (18,000) After-tax profit of the business. 8 (Balance Sheet) “Liabilities : 9,000 Liabilities of the business.

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