FA5 - Preparing the Income Statement
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- Опубліковано 8 чер 2024
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In this Module we explore accounting terminology and learn to prepare the income statement, statement of changes in shareholders' equity, and the balance sheet. Basic financial ratios are analyzed.
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How did the rest of your class go?
me too
I want to express my gratitude from the bottom of my heart because this is my first time taking accounting and I was completely lost and didn't comprehend anything. Now I'm starting to get it and I'm truly enjoying it.
How has accounting been going over the last three months?
Income statement? More like "The educational value of these videos can't be overstated!" Thanks for all of them.
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Thank u sooo much I would have failed my exam if it weren't for you..I will 1000% be coming here again and the way u explained it was just so simple and clear and I really actually enjoyed it so again, thank u.
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You are the best so far and so good. I think so far and so good. All the expenses are expense. That a great explanations sir.
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Jaimie Jin Thank you!
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Can you do a video on a statement of comprehensive income ?
Thank You
Beautiful! Just for the sake of night time binging, please try to make the background less bright somehow. for me I prefer pitch black
THANK YOUUUU
THX DR VERY MUCH
Hi Professor, sorry if this is a dumb question, but don't we separate the expenses into COGS, SG&A etc?
love you king thank you
i love your teaching. quick question what is the difference between wages payable and wages expenses.
Wages expense is the cost for a given period. Wages payable is the amount you owe.
So for the month of December total employee wages was $10,000 and I haven't paid anyone. Wages expense = $10,000. Wages payable = $10,000. Now the next day I pay $500 of what I owe. Wages expense for December is STILL $10,000. Wages payable is now $9,500.
@@Tony-Bell Thank you
thank you so much
You're welcome!
does it matter which column the numbers go on? for example, if you had put the revenue in the left column as opposed to putting it in the right and vice versa for the expenses numbers?
The formatting here is about lists and totals. Lists on left, totals on right. So we only had 1 revenue, it's a total, we had many expenses, list them on the left, total on the right. Different profs will have different formatting conventions to follow....
Beautiful.. mmwaaahhhh... Beautiful title :D at 6:25
Fantastic
He is unique.
I have a question, you wrote around 7:00 under 'Revenue' 'shuttle and then again revenue, is that necessary?
Thanks from a student in Amsterdam :)
Under revenues, there can be multiple accounts. So..
Hi, thanks for the videos, it's of great help. Just one question. Couldn't we just put expenses on the category: liability ?
Nope - Expenses create liabilities, but they are not liabilities - hang in there, this gets discussed a lot in Module 2!
didnt you say equipment was a current asset in previous video? Or am I wrong?
and is unearned revenue on an income statement? Does it depend if its a LT unearned revenue or not?
What technology (device/software) are you using to make these videos? Or if anyone else knows I'd love to hear
One Note and a Microsoft Surface tablet. OBS is the recording software.
I'm a bit confuse cause I see You included everything that is named expense and then you added wages payable but left accounts payable out. so my question is do we only deal with expenses and liabilities on the income statement? if so shouldn't we add accounts payable as an expense?
hi. i believe it is because you did not pay it this year but you will do it next year. so it isn't relevent for the current situation.
How come office supplies in not a part of s & g under income statment?
Tony, how to get solutions of problems 1.4A and other complex ones. Please help
I don't provide keys - but you can access video walkthroughs on accountingworkbook.com - here's the one you're looking for: www.accountingworkbook.com/fa-mod-1-videos.html
Can i type like
Revenues
Shuttle revenue
Total revenue
I mean can i add total revenue or i should not?
Wouldn't wages payable be considered an expense? As an administrative expense?
Can i like bracket the total expanse to show a its subtracting? Ex:
$69,300
$(48,600)
----------------
$20,700
----------------
How can I say thank you personally 😍
Literally here cuz I dk what my uni professor says and they go so fast with their explanations 😭
What is the statement of other comprehensive income? Do I need to find the net income? Thanks
That's much more complex than anything on my channel. I'd google for a different explainer like this one: www.wallstreetmojo.com/statement-of-comprehensive-income/
@@Tony-Bell thank you very much for the link, it was helpful!
Please share the format as well
Why isnt wages payable an expense and whats the difference from the wages expense?
I'm directly pasting one of Tony Bell's replies:
Wages expense is the cost for a given period. Wages payable is the amount you owe.
So for the month of December total employee wages was $10,000 and I haven't paid anyone. Wages expense = $10,000. Wages payable = $10,000. Now the next day I pay $500 of what I owe. Wages expense for December is STILL $10,000. Wages payable is now $9,500.
@@PunmasterSTP This clears things! thanks a lot!
@@jonathanplanet I’m glad, and all thanks to Tony!
I wrote an income statement like this in a managerial accounting course, and the instructor gave me a bad mark for using the words "net income" rather than "operating income." In conclusion, just be careful. As you take more acct courses, the complexity would look into details like that.
Would had been much better if COGS, Operating Expenses, SG&A, Income Taxes, EBITDA were taken in affect and explained much in details.....
I agree
Font is way too small, other than that a good explanation.
this the income before tax prof :)
OK
whenever someone asks me since when understand accounting I’ll answer Mr. Bell is my teacher
why is wages payable a liability and not an expense?
It can be both! You work for me for a week, and I don't pay you. I have a $1,000 liability and a $1,000 expense. When I pay you, the liability goes away. You'll learn a lot more about this if you stick with this playlist!
thank you so much your lectures are amazing!
What about.cogs
Check this one: ua-cam.com/video/J3_IwjW_C_0/v-deo.html
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So, did you pass?
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