S-Corporation Closing Balance Sheet Final Year

[geekgirldany]

I really hope some of you have the time to help me with this. I got a new customer that I have done alot of work on their S-Corporations. Couple that is separated. First corporation was closed because wife was only shareholder. Husband done all the work so he opened a new s-corporation. It could have been done different I know but....

What I am having trouble with is the balance sheet for the s-corp that was closed. Cash, A/R, A/P, Payroll Liabilities, Sales Tax Liabilities, Loan To Shareholder. I am not sure how to close these out to the shareholder. The ones I do never have any of this left over.

So I guess I am just asking on help on how to classify these and close them out. I have already enter the sale of the equipment to the shareholder so that is not showing.

I am thinking that all will go towards stock basis which is zero at the first of the year. I have done research but still lost. If anyone has a worksheet or other information that would help me I really would appreciate it.

Thank you for your time.

[geekgirldany]

Wow! even the NATP Research Department would not answer my question. They said it was an accounting question and for me to ask AICPA. Its not really an accounting question... I am trying to figure tax treatment of the items.

guess I will just figure it out the best I can.