If there is more than one revenue account, each one should be listed separately. Typically, we would see something like: Revenues: Sales Consulting revenue Total revenues
Wages expense is the amount incurred while wages payable is the amount owed. :) For example, if it is year end and I have a receptionist that earned $1000 but I am not paying her until January, then I have the full expense because she worked for me, and I have a payable for the amount I owe. However, if I paid that receptionist today, it would be wages expense and cash.
Your videos are so easy to follow! By chance to you have any tutorials on financial statements for a non-profit business? Or do they operate the same way?
Hello! Unfortunately we do not have any financial statement tutorials for governmental/nonprofit companies. Here is a resource to introduce you to the concept though: nonprofitinformation.com/understanding-nonprofit-financial-statements/
TLC Tutoring thanks for the information. I have one more question if you don’t mind. For quarterly financial statements I know for the income statement part it’s the totals of the past 3 months. What about for the owner’s equity and balance sheets? Is it the same as the 3rd month’s figures? Thank you!
You helped me understand how to do every step in accounting in an hour! That’s amazing!! Thank you 🙏
you are my guides through my entire accounting class, thank you
You have no idea how much this helped me!! Thank you so much
I love your teaching style, you are really amazing
As of 2021 April, this lesson helps me so much! thank you for the breakdown and simple explanations. This really helps me a lot
Great series! Informative and concise, and delivered with confidence. Very easy to learn from you, thank you!
How can anyone dislike this? Even one person? Seriously, thank you so much. Such a great teacher and explainer 😊
You explained this much better then my professor! thank you so much
Honestly I love your explanation.❤️
Thankyou so much.
That's great, I really appreciate your explanation
This was very informal and helpful!
Thank you for this video!
thank you so much!!! you're a lfe saver
How about unearned fees? Will they be recorded in the income statement?
No, only revenues and expenses with appear in the income statement. Unearned fees is a liability.
@@accountinghelp 🙏 thank you so much
Thank you, Ma'am😊
how do we know what is revenue?
and what about the gross incoms?
actually ı should say that your pronunciation is perfect ı love the LİABİLİTY :D
what if there are more than one revenues? do you list each separately or add both of them together in one revenue column
If there is more than one revenue account, each one should be listed separately. Typically, we would see something like:
Revenues:
Sales
Consulting revenue
Total revenues
wow, what an explanation it is!!!
Hi TLC Tutoring, what is the difference between Wages Payable and Wages Expense?
Wages expense is the amount incurred while wages payable is the amount owed. :) For example, if it is year end and I have a receptionist that earned $1000 but I am not paying her until January, then I have the full expense because she worked for me, and I have a payable for the amount I owe. However, if I paid that receptionist today, it would be wages expense and cash.
TLC Tutoring Thank you
Thank you!!
Your videos are so easy to follow! By chance to you have any tutorials on financial statements for a non-profit business? Or do they operate the same way?
Hello! Unfortunately we do not have any financial statement tutorials for governmental/nonprofit companies. Here is a resource to introduce you to the concept though:
nonprofitinformation.com/understanding-nonprofit-financial-statements/
TLC Tutoring thanks for the information. I have one more question if you don’t mind. For quarterly financial statements I know for the income statement part it’s the totals of the past 3 months. What about for the owner’s equity and balance sheets? Is it the same as the 3rd month’s figures?
Thank you!
You are amazing
thank you🙂
Thank you so much
good job
Thank you so muchhh for thiss
Video got blurred in middle!
Thank u
Can u share these Excel files..?
This summer we have a project to roll out a website where these Excel files and more will be available.
Can someone be my tutorrr😢