⏱️TIMESTAMPS 00:00 - Intro 00:17 - Balance Sheet Definition 00:33 - What is a Basic Balance Sheet? 01:15 - What is a Detailed Balance Sheet? 02:18 - How to Make a Basic Balance Sheet 05:11 - How to Make a Detailed Balance Sheet
Bro my professor tells us to make group presentations and lets my classmates and I teach/present to eachother while he scrolls through tiktok😭 Like damn, if i knew this was the case, I wouldn't have enrolled and just go to the public library. Less time and money wasted
Just wanted to say THANK YOU, a year ago I got a job because of you, as one of your videos ended-up having all the answers to the questions the interviewer asked me : D. I laughed inside during the interview as I said " this guy saved my a**"
You genuinely breathe life into your educational accounting content. It can be a pretty dry subject to teach and learn, but you have found the secret to making it exciting and easy to learn. Great job!
Damn, literally explained everything I needed to know about balance sheets in a 7 min video, waaaaay better than my uni lecturer did in 1.5 hours. Engaging, clear and concise!!! 10/10 from me. :)
James! Your videos are one of the most useful things in learning accounting! They have helped me a lot and I am very grateful for your channel! I wish all the bests to you! I hope this channel booms in popularity as anyone needs some basic accounting info to be financially literate!
I will be taking Accounting this spring for my MBA here in Canada and your teachings have been absolutely brilliant. I am certain to have the best result!!
Im currently doing a Bachelor of Commerce (majoring in accounting and Corpfin) in Aus and I wanted to say that your videos are really helping me get through... you make such a dry subject more understandable and enjoyable! The visual learning really assists those like me who suck at auditory learning! Thank you so so much!
Thank you for these videos, really makes a difference. Ive been taking business classes for years and these videos make me realize they dont teach hands-on experience. Thank you again
Your videoes are life-saving. Also thanks for your book suggestion "The Accounting Game" which I enjoyed reading. It helped me a lot to with the basics.
You are awesome James! Keep up the great work man. These videos are an amazing substitute for my Accounting courses. It's crazy how you can clear up so many things that wasn't clarified by my teacher for Financial accounting.
Always nice diagrams with movements that make the tutorial exciting. Also, nice idea putting the "wrong way" to create the B/S. It's these conceptual details that need to click. Great job making this vid!
Hi, James. In 4:05 the Equity is 10,050. However, if I added three items in Equity is 1,050+11,050-1000 =11,100. So is it a wrong number? However, if I add all the Equity, Revenue, and Expenses as the total Equity, the answer is 20,750. It matches what you show in the video. Thanks!
@@AccountingStuff Thank you for your quick response. I have learned a lot from your channel. I really appreciate it. Hope you will produce more educational & professional videos. Best wishes.
Well, I think I've watched enough of your videos for this week of class for you to earn a sub. Thanks. Not sure if I'm doing it all to my professor's liking, at least I'm not totally lost now.
Okay I've been racking my brain trying to figure out something here. When you were explaining the wrong way of doing it (making a basic balance sheet) all we had to do was gather the total assets on one end and the total liabilities and equities on the other, and then (ONLY IF) we include retained earnings which is the revenues and expenses we will get the right answer.. My question, when we calculated it the wrong way by adding the equities, that being Common Stock, Opening Retained Earnings and Dividends I am NOT getting the same number you got in the video, I'm just genuinely confused about what exactly you did to those numbers to get what you got in the video, I also want to know what you did exactly in the "right" way of solving it, and by that I mean what you did exactly what the revenue and expense accounts, I'd really appreciate the help.
Hi, I just wanted to add that I had the same problem. I was also very confused about it, but I also concluded that James might have miscalculated. I'm glad he confirmed it here though, thanks so much James for your invaluably helpful content
Hi ! If for example at the beginning of year, I had total assets of 700000$, and total liabilities of 300000$. 1) If total assets decreased 60000$ and owner’s equity increased 190000$ during the year, what is the amount of total liabilities at the end of the year? Do I use formula L = A-(OE) ? Total liabilities would be 50000 ? (640000 - 590000)
1. Balance sheet is helpful for wealth management in business 2. Basic balance sheet is fit for straight forward results 3. Detailed balance sheet is fit for analysis
Where do these two things go on the BS and IS - 12% bank loan 60,000 (credit) - Interest paids so far - 6000 It was from an exam I had and i wasn't sure for the accounting adjustment
Great stocks and I just bought in on them, but I'm interested in making short term profit, let say turn a $150K to $500k in 6months, I'd appreciate tips on how what stocks to buy to make this much profit.
Hi, To make the equation equal (Assets = Liabilities + Equity), can we calculate one term of lability from the asset and equity. For example in your spreadsheet Accrued expenses = Total Assets - other labilities - Equity and then we can use this value as Accrued Expenses to equalize the equation. I would appreciate if you explain the trick on how to equalize the equation. Thanks in advance.
In theory, mathematically, yes if you calculated All assets - All liabilities [except Accrued Expenses) - All equity, you should get the value that you currently see in the balance sheet as Accrued Expenses.
My understanding of assets are thanks that you own that put money into your pocket. Whereas liabilities can be something that you own but it takes money out of your pocket. Examples of asset: you own a car that you use as a taxi to earn money. It puts money into your pocket. Example of liability: you own a car that you use for recreational purposes. You spend to maintain it but it doesn't make any money for you.
Can you explain where you pull 19,700 in Retained Earnings? Is it based on line items from the trial balance or is it just the difference in total equity needed at 20,750 and capital contributions you already have at 1,050? thanks so much!
⏱️TIMESTAMPS
00:00 - Intro
00:17 - Balance Sheet Definition
00:33 - What is a Basic Balance Sheet?
01:15 - What is a Detailed Balance Sheet?
02:18 - How to Make a Basic Balance Sheet
05:11 - How to Make a Detailed Balance Sheet
seriously, you are my new favorite channel on youtube. can't thank you enough for all the time and effort you put into this channel!
Thanks
i have quetions please :) how do you get retained earnings values: 19700
Teacher how can I withrow my cash?
Literally the best teacher ever - thank you so much for all the support
Cheers Patrick!
Awesome, also have an accounting channel, you can check it out
Ikrrrr better than any of my teachers
Can you teach professor's how to teach?
If my professor is this interesting.
😂
lol same i feel you bro🤣
Professors are poor MFErs 😂
Bro my professor tells us to make group presentations and lets my classmates and I teach/present to eachother while he scrolls through tiktok😭 Like damn, if i knew this was the case, I wouldn't have enrolled and just go to the public library. Less time and money wasted
Just wanted to say THANK YOU, a year ago I got a job because of you, as one of your videos ended-up having all the answers to the questions the interviewer asked me : D. I laughed inside during the interview as I said " this guy saved my a**"
Congrats on landing your job!!! That's amazing news. Hope it goes well :)
Awesome, also have an accounting channel, you can check it out
You genuinely breathe life into your educational accounting content. It can be a pretty dry subject to teach and learn, but you have found the secret to making it exciting and easy to learn. Great job!
Thanks for your kind words!!
Awesome, also have an accounting channel, you can check it out
Damn, literally explained everything I needed to know about balance sheets in a 7 min video, waaaaay better than my uni lecturer did in 1.5 hours. Engaging, clear and concise!!! 10/10 from me. :)
Thanks! Great to hear you found it useful :)
you helped me more than what I am being taught at university, making it so simple and straight forward. Thank you so much!!
Greatest teacher in world.
Learnt more in this video than I did in 4 months from my teacher.
Much appreciated!
true
literally have a financial accounting exam in a few hours and this was helpful! Thank youuu
Good luck!!!
@@AccountingStuff thank you! a lot of it came up so I’m very grateful for the amazing accounting vids😊😊
This guy deserve a million subscribers or atleast half a million. No kidding because he explain everything clearly and briefly. Keep it up
Thanks!!
Awesome, also have an accounting channel, you can check it out
James! Your videos are one of the most useful things in learning accounting! They have helped me a lot and I am very grateful for your channel!
I wish all the bests to you! I hope this channel booms in popularity as anyone needs some basic accounting info to be financially literate!
Thanks Anxhela! Great to hear you're enjoying these vids. All the best :)
I will be taking Accounting this spring for my MBA here in Canada and your teachings have been absolutely brilliant. I am certain to have the best result!!
That's good to hear! Best of luck when it comes round :)
Im currently doing a Bachelor of Commerce (majoring in accounting and Corpfin) in Aus and I wanted to say that your videos are really helping me get through... you make such a dry subject more understandable and enjoyable! The visual learning really assists those like me who suck at auditory learning! Thank you so so much!
No worries, all the best with your studies!
Awesome, also have an accounting channel, you can check it out
wow you are the best teacher ever !!!! thank you !!!!
My best teacher ever. You make accounting simple. Thank you so much.
Thanks!!
Thank you for these videos, really makes a difference. Ive been taking business classes for years and these videos make me realize they dont teach hands-on experience. Thank you again
Cheers mate! Hope your studies are going well
Wonderful James! Having a Financial accounting midterm test tomorrow, hope I will do well.
Good luck!!!
you dont understand how much I appreciate this video. Thank you.
Great to hear you found it useful!
Your teaching methods are so simple and clear .. You are simply amazing !!!
Thanks, glad you enjoyed it :)
Hi, James!
I want to thank you for these videos. They really helped me nail a job at an audit firm. Best of luck in the future!
Congrats on landing your job!!!! Hope it's going well
Awesome, also have an accounting channel, you can check it out
I enjoyed this so much. I am transitioning from Human Resources to Accounting and Finance. This has really helped with my understanding.
That's great to hear! All the best with your career change
Your videoes are life-saving. Also thanks for your book suggestion "The Accounting Game" which I enjoyed reading. It helped me a lot to with the basics.
Best explanations of accounting terminology & process I’ve found!
Have you made any on ratios?
Not yet, but I'm planning to make a whole series on them
@@AccountingStuff oh yes! Please do 🙏
Had just 2 lectures, and I'm already feeling the stomach ache of failing the class :D You're my only hope!
Oh yes my professor is back ❤️. Where have you been all this time?
Apologies for the delay! These vids take ages for me to put together. Hope to be back soon
Awesome, also have an accounting channel, you can check it out
Can you teach my professor that this is how you should explain how to do something lol
I m a chartered accountant student . My basics r nt clear ur vedios r helping me a lot..thank you very much
Nice one! Hope it's going well. We all have to refresh ourselves on the basics from time to time :)
You’re the type of teacher I aspire to be, keep up the great work
Thanks and all the best :)
thank you so much for teaching me so much with such short and simple explaination
No problem, hope it made some sense :)
Great tutorial! Its very informative and fun at the same time. You definitely put a lot of effort in your content to make accounting easy to learn!
Thanks for your kind words!
Great job!!! Clear, concise and engaging. Will definitely recommend.
Thanks, great to hear you found it useful!
You are awesome James! Keep up the great work man. These videos are an amazing substitute for my Accounting courses. It's crazy how you can clear up so many things that wasn't clarified by my teacher for Financial accounting.
Your explanations clear my all doubts Thanks a lot sir it's really help me for my exam🤗
Best of luck in your exam!!
Thank you so much for your help. This video and your videos on income statements have really solidified my understanding of the concepts.
You're very welcome!
I don’t even know why you don’t open up a University …. You are spot on👌🏾👌🏾👌🏾👌🏾👌🏾
This explanation is the best one I have ever watched. Could not be explained concisely than this.
Your way of describing is incredible
I just wanna subscribe your channel 1000 times
Thanks for help, the day after tomorrow will be my interview
Your videos are helping me through my first year of accounting school- and propelling me towards the career change I need! Please keep it up :)
Best of luck with your career change!
Thank you so much for the video, I really liked the video, you really put a whole semester in 6 minutes, and in easy terms, keep it up!
Always nice diagrams with movements that make the tutorial exciting. Also, nice idea putting the "wrong way" to create the B/S. It's these conceptual details that need to click. Great job making this vid!
This guy is better than my teacher, u're very good at what you do
Thanks for your kind words :)
you make every video so interactive......keep up the good work sir!
Thanks, will do!
You're a scientist who makes things simple！
Man you put so much effort into these educational videos, it's hard to not subscribe and like your videos! Cheers mate!
Thanks Reiner!!!
Awesome, also have an accounting channel, you can check it out
OMG!!!!! I finally got it! You made my life so much easier)
You made difficult easy to understand what a great facilitator you are.
Cheers Fred, glad to hear it!
You explained this better than my graduate professor. THank you so much
Thanks, great to hear you found it useful!
Thank you so much, your videos helped me a lot to achive good marks in the exam.
Very nice presentation. 👍
Thanks mate :)
I was in total lost for this module thank god u saved me!
Thanks a lot for your videos.🥰
You're most welcome ;)
Hi James, Good to see your video again. As always Best financial helper
Cheers Derick!!
thanks James youre a star
This was incredibly helpful! Subscribed immediately
Wooo! Great to have you on board!
Learning is so simple and easy . You are a great facilitator. Can you please do a video on consolidation?
Thanks for your request!
Thank you so much. You make it much easier than reading from the actual textbook.
No worries, I'm happy to help!
Hi, James. In 4:05 the Equity is 10,050. However, if I added three items in Equity is 1,050+11,050-1000 =11,100. So is it a wrong number? However, if I add all the Equity, Revenue, and Expenses as the total Equity, the answer is 20,750. It matches what you show in the video. Thanks!
Well spotted! That was a typo. I forgot to add the 1,050. Good thing I was showing you the wrong way to do it haha
@@AccountingStuff Thank you for your quick response. I have learned a lot from your channel. I really appreciate it. Hope you will produce more educational & professional videos. Best wishes.
Thanks so very much for your common sense approach to Accounting, I appreciate you.
No worries, hope it helped!
Your a legend mate. I swear I learn better and more from UA-cam channels like this than I actually do in school .
Cool presentation !!
Thanks Srikanth!
you got me through my last accounting class. Thanks mate!
Awesome, also have an accounting channel, you can check it out
You’re amazing !!!! I just ordered the complete practice / cheap package !!!!
Thanks for your support!
Well, I think I've watched enough of your videos for this week of class for you to earn a sub. Thanks. Not sure if I'm doing it all to my professor's liking, at least I'm not totally lost now.
Great to have you on board! All the best with your studies :)
This was so much easier to understand than my accounting book. 😭🙏
Can you make a video on Free Cash Flow and for why is it an important criteria for business owners to consider
Thanks for your request!
thank you so much I was struggling in Prin of Financial Accounting
Perfect!
Cheers Blaise!
Okay I've been racking my brain trying to figure out something here. When you were explaining the wrong way of doing it (making a basic balance sheet) all we had to do was gather the total assets on one end and the total liabilities and equities on the other, and then (ONLY IF) we include retained earnings which is the revenues and expenses we will get the right answer.. My question, when we calculated it the wrong way by adding the equities, that being Common Stock, Opening Retained Earnings and Dividends I am NOT getting the same number you got in the video, I'm just genuinely confused about what exactly you did to those numbers to get what you got in the video, I also want to know what you did exactly in the "right" way of solving it, and by that I mean what you did exactly what the revenue and expense accounts, I'd really appreciate the help.
You are correct! I think I made a typo in that part of the video. Apologies for the confusion caused
Hi, I just wanted to add that I had the same problem. I was also very confused about it, but I also concluded that James might have miscalculated. I'm glad he confirmed it here though, thanks so much James for your invaluably helpful content
you have always been an amazing teacher👍...Would you please make a video on Payroll accounting?It would be of great help.
Thanks for your request!
Writing accounting in thr next 1 hr, bruh you helped so much 😊much luv❤🗿
Good luck!! 🤞
Amazing 😍 finally I got the perfect Sir for accounting ❤️
Can you make a video about balance sheet reconciliation?
Thanks for your request!
Thank you for this video. It was very helpful for my college entrance exams!!!
No worries, best of luck with them!
I'm in love with your video teachings, you make it so simple. Thank you🙏
Hi ! If for example at the beginning of year, I had total assets of 700000$, and total liabilities of 300000$.
1) If total assets decreased 60000$ and owner’s equity increased 190000$ during the year, what is the amount of total liabilities at the end of the year?
Do I use formula L = A-(OE) ?
Total liabilities would be 50000 ? (640000 - 590000)
At the end of the year the total liabilities are $490,000.00 Remaining assets are $150,000.00 assuming equity is at 0
1. Balance sheet is helpful for wealth management in business
2. Basic balance sheet is fit for straight forward results
3. Detailed balance sheet is fit for analysis
Another great video much appreciated
Thanks Taylor!
Where do these two things go on the BS and IS
- 12% bank loan 60,000 (credit)
- Interest paids so far - 6000
It was from an exam I had and i wasn't sure for the accounting adjustment
Thank you for existing😭😭
Awesome, also have an accounting channel, you can check it out
Great stocks and I just bought in on them, but I'm interested in making short term profit, let say turn a $150K to $500k in 6months, I'd appreciate tips on how what stocks to buy to make this much profit.
@Fred Howard That sounds great and how do i connect with her ?
@Fred Howard Okay i just found her website and left a message for her. thanks.
Thank you very much, you are a good teacher.
Thanks, that's kind of you to say :)
Fantastic explanation!
Thanks Surendar!
It's like looking at magic. James, Can you make a video showing how to save data in QB, and how to restore?
Please never stop make ng vids, humor is great thank you!
Thanks, I'll keep them coming :)
Please don't stop making these videos bro ❤️
I plan to make plenty more :)
helped me solve a question i was stuck in for days. thank you so much :D
No worries, glad it was helpful!
u are amazing and ur explanation is also so cool, I would like to continue learning from u. Thank you
Great Video. Very thorough & helpful
Very useful video 🙏🙏🙏👍
Thanks!!
Hi, To make the equation equal (Assets = Liabilities + Equity), can we calculate one term of lability from the asset and equity. For example in your spreadsheet Accrued expenses = Total Assets - other labilities - Equity and then we can use this value as Accrued Expenses to equalize the equation. I would appreciate if you explain the trick on how to equalize the equation. Thanks in advance.
Hey Riton, in the accounting equation the balancing amount is Equity. It represents the net assets that are owed back to the owners
In theory, mathematically, yes if you calculated All assets - All liabilities [except Accrued Expenses) - All equity, you should get the value that you currently see in the balance sheet as Accrued Expenses.
Binging the channel before my accounting exam lool, time to grab your cheat sheets
Best of luck in your exam!! Thanks for supporting the channel :)
Dude you just f*cking saved me
i hate maths but i studied accounting and this one got me, thank you
you need more subscribers you have the gospel of understanding accounting easily
Cheers buddy!
Really appreciate your efforts..so easy to understand.👍
It's my pleasure, all the best!
You made balance sheet really easy for us! Big fan of your channel 🌸
I think you're the artist of lecturers!
Thanks for your kind words :)
Bro I just subscribe to your channel, you're true legend
Great to have you on board!
My understanding of assets are thanks that you own that put money into your pocket. Whereas liabilities can be something that you own but it takes money out of your pocket.
Examples of asset: you own a car that you use as a taxi to earn money. It puts money into your pocket.
Example of liability: you own a car that you use for recreational purposes. You spend to maintain it but it doesn't make any money for you.
Can you explain where you pull 19,700 in Retained Earnings? Is it based on line items from the trial balance or is it just the difference in total equity needed at 20,750 and capital contributions you already have at 1,050? thanks so much!
Love your teaching