My balance sheet on Schedule L is not matching
This is the first time I've had to do the balance sheet on my taxes. My revenue was about $240,000 for 2019 and $260,000 for 2020.
The numbers of the left are for the beginning of the year and the numbers on the right are for the end of the year.
Assets
Cash $30,140 - $45,231
Inventories $3,305 -$4,398
Buildings and other depreciable assets $47,108 - $58,383
Less accumulated depreciation $41,892 - $44,358
Total assets $38,661 - $63,654
Liabilities
Mortgages, notes, bonds payable in 1 year or more $50,938 - $41,205
Capital stock 100 - 100
Total liabilities and shareholders' equity $51,038 - $49,221
Balance sheet out of balance by -$12,377 - $14,433
The -$12,377 is a negative number. All the other numbers are positive.
In retained earnings reconciliation the number is $7,916. If I put a different number the software will say it is not in balance.
Let me know if you have any questions. Thanks!
