Accountant Guys: question about Balance Sheets (1 Viewer)

[sublimeone]

I am applying for a loan and the lender is requesting my small business tax returns for 2012 & 2013 with balance sheets for each year.

Are they expecting a balance sheet as of Dec 31st, 2012 and 2013?

Should these include all the standard things like cash on hand, accounts receivable at the time etc...?

 

[johnnycakes]

They're thinking you would have completed the balance sheet associated with your business return (Schedule L) on Form 1120, 1120S, or 1065.

 

[sublimeone]

They're thinking you would have completed the balance sheet associated with your business return (Schedule L) on Form 1120, 1120S, or 1065.

I have not... I am going to have to "create" these. Its a single member llc so I don't have to do a 1065.

In any case, do I just do a standard balance sheet with cash on hand, accounts receivable at the time etc...?

 

[johnnycakes]

They're thinking you would have completed the balance sheet associated with your business return (Schedule L) on Form 1120, 1120S, or 1065.

I have not... I am going to have to "create" these. Its a single member llc so I don't have to do a 1065.

In any case, do I just do a standard balance sheet with cash on hand, accounts receivable at the time etc...?

Use whatever method of accounting you normally use. If you have the records to do it on an accrual basis, that should be fine.

 

[Chemical X]

if your company prepares its own return, a balance sheet is included. but, its usually pointless if prepared on a cash basis (since a/r won't be there).

if your company is filed within your personal return as a P & L only, the only thing you can prepare is like a quicken balance sheet printout with the basics. cash, fixed assets, a/r, inventory. liabilities. i would provide them with internally prepared statement for YE 2014 too. they are gonna ask.