Sir you are a blessing🙌🏽 You did what my lecturer couldn’t explain in a three hour class in less than 9 mins😌
@Accountinguniv
2 жыл бұрын
Happy to Help!
@cjvswish1041
2 жыл бұрын
Can’t wait to sit and finally do my Assignment that’s due soon. I been stressing cause i didn’t know how to get started. You’re a blessing🙏🏾
@saddestdayever1276
3 жыл бұрын
Hi! I am currently enrolled in Managerial Accounting but we are doing a review for Financial Accounting and we have a test tonight on the income statement! Video definitely helped so thank you!
@MJay3060
Жыл бұрын
What is the difference between Managerial Accounting and Financial Accounting?
@ondinamendoza9022
3 жыл бұрын
Do you have a template of all the statements all linked together? Income, balance and cash flow. Would be so appreciative!
@annmaryabraham7322
4 жыл бұрын
this was super helpful! thanks, (3:01 )btw gross profit is called gross profit since it originates from the german word "gross" which means "big" so it's like "big profit"
@Accountinguniv
4 жыл бұрын
I didn’t know the origin! Thanks for sharing :)
@minvs
Жыл бұрын
Similar thing in french! Big is Gros [masc] or Grosse [fem]
@EmmanuelOnitheoneandoni
Жыл бұрын
Thank you, Sir. This is the next step now that I have an rough idea how to read an income statement
@judyl.7811
2 жыл бұрын
1:34 sales revenue is the first thing on income statement. 2:09 COGS if you're a manufacturing firm. lets assume it's a manufacturing firm. The difference is the gross profit.
@MJay3060
Жыл бұрын
What would it be instead if it were not a manufacturing firm?
@londababy2239
2 жыл бұрын
It’s a magnificent video with high quality, but recommendations on KZitem made me have knowledge of stray and the legit statements they make too and that’s how I got my tax statements
@jayrobert2016
2 жыл бұрын
Wow that’s nice, how can I reach stray cause I’d like to work on some
@MohamedElzorry
9 ай бұрын
Thank you broo You have ability to assist the information very easily ❤
@vipin_rahul
3 ай бұрын
Very nice. Thanks for the tutorial.
@fel4834
2 жыл бұрын
Thanks for explaining so well! I was also looking for an explanation for how to prepare a statement of changes in equity but couldn't find anything on your channel :( Do you know if you will be posting a video covering that topic?
@Accountinguniv
2 жыл бұрын
I will put it on the list, thank you! :)
@Ntombi_Majara
2 жыл бұрын
Thank you so much 🥰
@bensonwu1238
11 ай бұрын
I am gonna have an accounting test tomorrow, I hope this video can help me.
@cheez_its_are_legendary
Жыл бұрын
Thanks for this video, I need this for my 6th grade business assignment and i haven’t been able to figure out how to do this part 😭
@jeaniegem7002
Ай бұрын
Hello can you also include in your income statement including capitals gains and income tax lossess carried forward
@HojiakbarKamoldinov-u9f
6 ай бұрын
Hey nice work brooooo. Keep it up we want more content from you
@vinas866
Жыл бұрын
My exams are getting easier now
@MrKhan55680
Жыл бұрын
Your video is very informative really appreciated work
@dmitrikozak7837
3 жыл бұрын
I don't know why this guy is at the top of the search results, not as helpful as many other ones. Wouldn't watch again.
@raguljayakumar1177
4 жыл бұрын
It's amazing experience though iam an accountant feeling a free time to watch this series which has a valuable thing to learn... Thankssss
@mvuyisiapril1208
3 жыл бұрын
Wow this is very simple. Thanks alot
@WrightsOrganic
2 жыл бұрын
That was perfect. Now if this video didn’t exist, how would I find out this information and how to format this on my own? Do you have any good recommendations on books or any information I can read. I read one accounting book but it didn’t have anything about formatting the three statements. Thanks!
@accountingforbeginners9210
3 жыл бұрын
Income statement simplify,good,well done
@bostonterrier99
Жыл бұрын
Do you have a video of how to put together a trial balance sheet? Is it necessary to create one of these if you have an accounting software that keeps track of everything for you?
@jialinwang5719
2 жыл бұрын
what about the provision for doubtful debts belonging which item? operating expense? Also, what about the other income after sales revenue? Which item it is should belonging?
@Accountinguniv
2 жыл бұрын
Hi Jialin. Thanks for commenting. This video is lower level accounting best for beginners. For more advanced concepts, I will make a longer more in depth income statement video. Thank you for the suggestion!
@shaneladkins2227
Жыл бұрын
Omg very helpful ❤Thank you
@Accountinguniv
4 жыл бұрын
Revenues - Expenses = ??????? Comment Below!
@aungkhantbwar3751
4 жыл бұрын
Profit
@tyoma6863
4 жыл бұрын
Net Income
@boomer9116
4 жыл бұрын
Net income
@beulahwilliams8885
2 жыл бұрын
This is very useful but I want a full copy including explanation
@NestaAstern
2 жыл бұрын
Thank you.
@Accountinguniv
2 жыл бұрын
You’re Welcome! Thanks for watching 😃
@rs_freeman1404
2 ай бұрын
thanks mate
@stephhodge2182
2 жыл бұрын
would be nice if we would see the adjusted trial balance while you're doing the entries on the income statement.
@NelisiweShange-k7w
6 ай бұрын
Very helpful big up bro❤❤
@Amandafanai1997
2 жыл бұрын
How often income statement are prepared . quarterly or annually
@Accountinguniv
2 жыл бұрын
Usually annually
@kunzangwangyel6696
4 жыл бұрын
helpful.. thank you so much
@droctopisneeze5621
2 жыл бұрын
Please do a cashflow statement :( This video helped me a lot, thank you
@Accountinguniv
2 жыл бұрын
You’re welcome! Check this one out here: How to Make a Cash Flow Statement (Indirect Method) kzitem.info/news/bejne/kp-Kqp9uh2amZG0
@fairyjennlaureta8717
10 ай бұрын
Thank you so much Godbless you 😊
@anxission4593
Жыл бұрын
How did you get income tax expense. Arent the calcularions off?
@shaniacollins2112
3 жыл бұрын
What is sales and cogs is not included in the trial balance how do you begin then?
@shaniacollins2112
3 жыл бұрын
If*
@saifkhalifa4179
4 ай бұрын
DUDE THANK YOU SO MUCCHHHHHHHHH!!!!
@marjosephpimentel2295
2 жыл бұрын
YOU'RE THE BEST DAMN!!!
@ksamix934
Жыл бұрын
could we add the drawing account as part of expences?
@michellelanoy3470
2 жыл бұрын
Sir why the Operating expenses would negative? Can you explained it?
@Accountinguniv
2 жыл бұрын
It is very rare if operating expenses are negative. The only way I see that happening is if you had a credit that caused it to be negative. Similar to having a negative balance on a credit card.
@revengegamingjosss8429
2 жыл бұрын
THANKS. SO MUCH SIR ☺️☺️☺️
@jessicababaran3367
3 жыл бұрын
wow, thank you so much for this.
@ShubhamGupta-ki4kc
4 жыл бұрын
Hello sir. May I know why we haven't included depreciation in the calculation?
@BCPodcast81
Жыл бұрын
Yes, I also want to know. It got me confused.
@CallieHope17
4 жыл бұрын
What should I do if sales revenue and cost of goods sold is not given in the trial balance?
@Accountinguniv
4 жыл бұрын
Just make sure your debuts and credits balance at the end :)
@patricktan98
3 жыл бұрын
What about bad debts? Are they classified under operating expenses as well?
@ShaheedaBegum-v1t
Жыл бұрын
Do you subtract everything to get a total?
@bostonpizzaa8156
3 жыл бұрын
KZitem is teaching me more than uni
@MG-ui8jk
4 жыл бұрын
my case here is I am confusing how to divided net profit to get stock dividend and retained earning
@beatricejoseph167
4 жыл бұрын
Dis lesson its fyn more
@uasoranunuhe8895
3 жыл бұрын
I can’t figure out my assignment professor please help
@sweetnpettite
2 жыл бұрын
How do I find out tax rate?
@shawannajones430
4 жыл бұрын
why did we add a negative to the dollar amounts
@Accountinguniv
3 жыл бұрын
To show that you are deducting them on the income statement :)
@deepi_kamal
4 жыл бұрын
hi sir, I wanted to ask if the Tax % is not given then what we can do?
@Accountinguniv
4 жыл бұрын
You can assume it’s 0
@deepi_kamal
4 жыл бұрын
@@Accountinguniv thank you sir
@t0ni440
4 жыл бұрын
@@Accountinguniv so we don't calculate the income tax expense?
@t0ni440
4 жыл бұрын
@@Accountinguniv we just leave it to the income before income taxes?
@Accountinguniv
4 жыл бұрын
Depends on if the tax % is given. If it is, you would calculate income tax expense. If it isn’t, just calculate income before taxes.
@brookebauer1901
4 жыл бұрын
I thought utilities are part of manufacturing overhead. Are they not?
@jameso3697
3 жыл бұрын
how did you find your tax rate??! pls help
@shortcakeliccuptea2644
3 жыл бұрын
what google docs add on was he using?
@shakirahinds6737
2 жыл бұрын
What if you don't get the cost of goods sold
@tabithamcclarity6642
3 жыл бұрын
HI can I purchase these spreadsheets?
@Accountinguniv
3 жыл бұрын
please email me :) nathanthomas.tutor@gmail.com
@notthefamousguy9235
3 жыл бұрын
Is that Oliver Queen??
@Accountinguniv
3 жыл бұрын
nailed it
@Jem9798
2 жыл бұрын
Just thought I’d share after hearing you say gross don’t mean like disgusting…in Spanish we say how much dirty money you made lol…and how much clean money …it doesn’t sound right in English but in Spanish it sounds right…I never thought of it until now that you said disgusting…lol.
@marbenfetilo8396
3 жыл бұрын
very helpful. thanks much.
@hamzafaheem486
3 жыл бұрын
cant i just write cost of purchases
@FoX84tac022
3 жыл бұрын
@1:45 - proceeds to use Google Sheets xD
@noels.8345
3 жыл бұрын
Is interest expense the same as interest paid?
@Accountinguniv
3 жыл бұрын
Not always. Usually things like amortization will be the gap between interest paid and interest expense
@brandieclack3851
4 жыл бұрын
Very helpful
@billyacademy
3 жыл бұрын
i love you..
@ninjapirate123
2 жыл бұрын
There is too much for me to memorize in accounting at school
@Zynate
4 жыл бұрын
Yeyeyeye
@Accountinguniv
4 жыл бұрын
Ya! bit.ly/secret-video-vault-free
@beatricejoseph167
4 жыл бұрын
Dis tr is gudo mehn sharap to him mehn
@juliendilauro5900
2 жыл бұрын
keyboard broke yet?
@Accountinguniv
2 жыл бұрын
On my 5th one actually
@Ploof-jp6ki
4 ай бұрын
Very basic income statement would only be useful for High School level.
@finmotolinia9630
4 жыл бұрын
Thumbs down only because of the vague descriptions you give. This number to this number. This minus that. Using correct terms would makes this video so much more professional
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