The fact that this was uploaded 5 years ago, with the date of the statement ending in Dec 2024, and I am watching this video in November 2024 and my exam in a few days time. What a coincidence.
I wanna thank you form the bottom of my heart because it’s my first time taking accounting and I was lost didn’t understand anything from my prof . Now I started to understand and actually enjoy it 😍😍..Thank youuuuuu soooo much for explaining it in a very easy and fun way 🥰
You are the best teacher ı have ever seen. ı have never seen anyone teaching something so simple and so affective love you man ı am gonna give my class thanks to you
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.
Thank you so much , currently have my diploma in financial accounting, but honestly I learnt more here than at my actually university. WOW amazed and very impressed. Thank you
Very clear and straightforwardly explained accounting study material. One of the best I have discovered so far. Thank you for sharing this high in quality and valuable content.
Your Penmanship is fine! Quit being so hard on yourself. YOU'RE an amazing professor, and have done such an amazing job teaching this. subject Out of all my accounting classes, with your videos I actually understand what you are teaching.
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.
Oh man you are a saviour I mean I have shared you RUclips channel to my friends And the way you teach I love it really 3 credit hours course In just 20 minutes
Firstly, huge like and congratulations from my side! I am an engineer looking to have some knowledge in accounting and finance to understand a bit better how to invest more wisely and hopefully create my own company in the future. I have a short question regarding the wages payable vs wages expense. I understand that there is a timing difference between them (wages to pay and already payed wages), but shouldn't they be already paid by the time in which the statement is relevant (December 31). I assume that the reason to make it this way is because the salary is going to be payed already by the beginning of the next month instead, no? (all my salary payers have always done it before the end of the month, so maybe that is what is causing some confusion to me).
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.
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....
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.
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?
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/
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
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.
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!
HOW I WISH I HAD TEACHERS LIKE YOU I WOULD HAVE LIKED SCHOOL
The fact that this was uploaded 5 years ago, with the date of the statement ending in Dec 2024, and I am watching this video in November 2024 and my exam in a few days time. What a coincidence.
when writing up the statement and there's additional information about the statement do you add it to the income statement?? hope that makes sense
@noshblI don’t get what you’re asking
@@hudsongrand9926 I think he is asking about adjustment? @noshbl you're supposed to adjust everything before drafting the statement out.
I see this the day before hahah
hahah,i'm watching this video in thelast day of 2024
I wanna thank you form the bottom of my heart because it’s my first time taking accounting and I was lost didn’t understand anything from my prof . Now I started to understand and actually enjoy it 😍😍..Thank youuuuuu soooo much for explaining it in a very easy and fun way 🥰
How did the rest of your class go?
me too
You are the best teacher ı have ever seen. ı have never seen anyone teaching something so simple and so affective love you man ı am gonna give my class thanks to you
As a freshman I didn't understand accounting, but you made me love it. Thanks a lot.
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.
Hey man, just want to let you know that you're a great prof and I love your teaching style.
Thank you so much , currently have my diploma in financial accounting, but honestly I learnt more here than at my actually university. WOW amazed and very impressed. Thank you
Very clear and straightforwardly explained accounting study material. One of the best I have discovered so far. Thank you for sharing this high in quality and valuable content.
You are the best…much much love from Nairobi,Kenya. I am doing a refresher and you are just the best
you are absolutely amazing. you are genuinely the only reason accounting makes any sense to me. THANK YOU SO MUCH
I learned more in 12 mins then 2 weeks in my classes THANK YOU❤
Your Penmanship is fine! Quit being so hard on yourself. YOU'RE an amazing professor, and have done such an amazing job teaching this. subject
Out of all my accounting classes, with your videos I actually understand what you are teaching.
How i wish i had a good lecturer like you in campus like you.great knowledge gain here
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.
I like your amazing upbeat attitude to teach while teaching.
Oh man you are a saviour I mean I have shared you RUclips channel to my friends
And the way you teach I love it really
3 credit hours course
In just
20 minutes
I have an exam of financial accounting in 2024 November 6 wish me luck
Just I have watched your videos and prepared
you're just a great teacher I love you so much man and I am really grateful
Wish you more happiness and success
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.
Dude, I really appreciate the videos. They are helping me through my accounting class. You are the best.
You’re just amazing thank you for contributing for us, god bless you dear sir .
Good mam this is the right teacher with a vast knowledge
With collge prsure I graduted, but I am learning here more than in college. Thanks Bell
Thank you so much @tonybell! you make things so easy! love this.
You're simply the best at this!!!!
This is so helpful. Thanks for saving the semester.
You make this seem much easier then my prof did, thanks!
Finally understand it, thank you for these kind of videos, really really helped me.
Thank you so much! every video you make is super useful!!! Thanks thanks thanks!!!
Great video, very simple and straight to the point!!!
Thank you!!!!!! you make it super easy to understand and its very helpful thank you!
Thank you Tony. Very clear explanation.
Jaimie Jin Thank you!
Me está ayudando a aprobar accounting !!!❤
Thanks from France
you are saving my life dude thank u so much
Thank you very much for your free video lessons
good teaching professor
Thank you for all things sir, I wish you all the best :)
Firstly, huge like and congratulations from my side! I am an engineer looking to have some knowledge in accounting and finance to understand a bit better how to invest more wisely and hopefully create my own company in the future. I have a short question regarding the wages payable vs wages expense. I understand that there is a timing difference between them (wages to pay and already payed wages), but shouldn't they be already paid by the time in which the statement is relevant (December 31). I assume that the reason to make it this way is because the salary is going to be payed already by the beginning of the next month instead, no? (all my salary payers have always done it before the end of the month, so maybe that is what is causing some confusion to me).
Rap songs make so much more sense now Tony ;)
awesome teacher
Can you do a video on a statement of comprehensive income ?
very helpful!! easily understandable
Love you sir from Saudi Arabia
Thank you so much
Beautiful! Just for the sake of night time binging, please try to make the background less bright somehow. for me I prefer pitch black
Wow man I appreciate it you so much
Thank You
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
He is unique.
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!
Thankyou so much!!
THX DR VERY MUCH
Beautiful.. mmwaaahhhh... Beautiful title :D at 6:25
Hi Professor, sorry if this is a dumb question, but don't we separate the expenses into COGS, SG&A etc?
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....
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.
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..
love you king thank you
and is unearned revenue on an income statement? Does it depend if its a LT unearned revenue or not?
didnt you say equipment was a current asset in previous video? Or am I wrong?
Can i type like
Revenues
Shuttle revenue
Total revenue
I mean can i add total revenue or i should not?
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.
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!
Which grade accountancy is this?? Can somebody tell me?? 😢
THANK YOUUUU
How can I say thank you personally 😍
Wouldn't wages payable be considered an expense? As an administrative expense?
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.
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
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!
Fantastic
Can i like bracket the total expanse to show a its subtracting? Ex:
$69,300
$(48,600)
----------------
$20,700
----------------
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!
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
OK
Font is way too small, other than that a good explanation.
Me In 2024 watching this before my exam 😭😭🤍
whenever someone asks me since when understand accounting I’ll answer Mr. Bell is my teacher
why is revenue on the right side?
Just a formatting choice - totals on the right lists on the left - since there is only one revenue, it IS total revenue.
What about.cogs
Check this one: ruclips.net/video/J3_IwjW_C_0/видео.html
lmao im watching this in 2024
\
Studying for my financial accounting for Lawyers midterm😭😭
So, did you pass?
@@marcoandresrosario8474 i did 😭😭😂
@@T.Noch888 cool.
this the income before tax prof :)
this guys mentioned about amazon because he is jeff bezos wake up people!
I owe my degree to you
com 100 b
thank you so much
You're welcome!