Question

Which Form 1120 Schedule is used to report assets when the corporation's total receipts and assets equal or exceed $250,000

Answer 1

Answer: Schedule L

Step-by-step explanation:

When a company's assets and total receipts equal or exceed $ 250 000, the company will then be required to complete Schedule L. Schedule L is the form used to report assets when company's assets and total receipt exceed $ 250000.

when completing Schedule L - Balance sheets, each asset selected corresponds to the Company's accounting records and appropriate balances for each asset are entered. Matching assets selected with corresponding Accounting records and Balances is what internal revenue service is seeking in Schedule L.

Answer 2

Assets are reported in Schedule L of Form 1120.

Step-by-step explanation:

If the corporation. has assets and gross receipts of at least $250,000, then the corporation is required to complete Schedule L of Form 1120 in which the corporation assets will be reported.

If the Receipts and Assets of the corporation at the end of financial year are less than $250,000, then the corporation will no be required to complete Schedule L of Form 1120.