Schedule L provides detailed reporting with information from your annual balance sheet. It is entered for information purposes only.
- The balance sheet per books lists all of your S Corporation's assets, liabilities, and shareholders’ equity at the beginning and end of the year.
- Referring back to line 11 on Schedule B, if your S Corporation's total receipts and total assets were less than $ 250,000, then the "Yes" box should be selected, and your S Corporation is not required to complete Schedule L.