Question

First time doing a balance sheet

LLC S-corp

What would a balance sheet look like and the exact category of each line for the following scenario? I don't know at all what I'm doing.

LLC S-corp with $0 beginning and $0 ending balance

$60,000 income

$200,000 Paid-in capital

$30,000 Land

$25,000 EIDL

$250,000 Building in process

$30,000 expenses

$5,000 bad debt

You seem to be missing numbers. Income and expenses go on income statement, not balance sheet.

Both reports are created by recording accounting transactions. For example, first accounting entries:

Debit Asset Account 1000 - Bank/Cash $200,000

Credit Equity Account 3000 - Paid-in-Capital $200,000

Debit Asset Account 1500 - FA Land $30,000

Credit Asset Account 1000 - Bank/Cash $30,000

Debit Asset Account 1000 - Bank/Cash $25,000

Credit Liability Account 2000 - EIDL Loan $25,000

You only have $225k in the bank so cannot pay $250k for Building cost