form 1120S schedule L is used to report

Question

Question

Answer 1

Answer #1

Answer

The Schedule L of Form 1120S is used to report the two year comparison of the company’s balance sheet according to accounting records.
Balance Sheet data pertaining to two years are filled in by the ‘S Corporation’ in the Schedule L.
Schedule L is to be filled if S Corporation has more than $ 250,000 in assets at the end of the year.
Schedule L is more like a comparative Balance Sheet.

Answer 2

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