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Screen MABSS2 - Massachusetts Balance Sheet, Page 2 (1120)
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Liabilities
Mortgages, notes and bonds payable
The application transfers details from the
Mortgages, notes, bonds payable in less than 1 year
and Mortgages, notes, bonds payable in 1 year or more
fields on the federal balance sheet to the statement attached to this field. Use the class codes to transfer the statement items to the appropriate lines on the state return. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. Accounts payable
The application transfers details from the
Accounts payable
statement on the federal balance sheet to the statement attached to this field. Use the class codes to transfer the statement items to the appropriate lines on the state return. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.Loans from shareholders
The application transfers details from the
Loans from shareholders
statement on the federal balance sheet to the statement. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.Other liabilities
The application transfers details from the
Other current liabilities
and Other liabilities
statements on the federal balance sheet to the statement. The application automatically codes the federal income tax payable and state tax payable amounts transferred from the federal balance sheet as state taxes in this statement, and returns them to Schedule A, Miscellaneous accrued liabilities. Use the class codes to transfer the statement items to the appropriate lines on the state return. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.Capital
Paid-in or capital surplus
The application transfers details from the
Additional
paid-in-capital
statement on the federal balance sheet to the statement. Enter the state-required detail. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.Retained earnings
If the S Corporation was previously a C Corporation, enter the amount of retained earnings applicable to the C Corporation in this field. The application calculates the S Corporation’s undistributed net income portion of the retained earnings.
Surplus reserves
The application adds the amount entered to the retained earnings amount.
Treasury stock
The application transfers details from the
Less cost of
treasury stock
field on the federal balance sheet to the statement. Enter the state-required detail. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.