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"
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!
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.
It’s a magnificent video with high quality, but recommendations on RUclips made me have knowledge of stray and the legit statements they make too and that’s how I got my tax statements
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?
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?
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!
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?
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!
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.
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.
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
Sir you are a blessing🙌🏽 You did what my lecturer couldn’t explain in a three hour class in less than 9 mins😌
Happy to Help!
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🙏🏾
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"
I didn’t know the origin! Thanks for sharing :)
Similar thing in french! Big is Gros [masc] or Grosse [fem]
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!
What is the difference between Managerial Accounting and Financial Accounting?
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.
What would it be instead if it were not a manufacturing firm?
Do you have a template of all the statements all linked together? Income, balance and cash flow. Would be so appreciative!
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.
Thank you, Sir. This is the next step now that I have an rough idea how to read an income statement
It’s a magnificent video with high quality, but recommendations on RUclips made me have knowledge of stray and the legit statements they make too and that’s how I got my tax statements
Wow that’s nice, how can I reach stray cause I’d like to work on some
I am gonna have an accounting test tomorrow, I hope this video can help me.
Hello can you also include in your income statement including capitals gains and income tax lossess carried forward
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 😭
My exams are getting easier now
Very nice. Thanks for the tutorial.
Thank you broo
You have ability to assist the information very easily ❤
Thank you so much 🥰
thanks mate
Your video is very informative really appreciated work
Hey nice work brooooo. Keep it up we want more content from you
Thank you.
You’re Welcome! Thanks for watching 😃
Income statement simplify,good,well done
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?
I will put it on the list, thank you! :)
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?
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!
How often income statement are prepared . quarterly or annually
Usually annually
This is very useful but I want a full copy including explanation
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?
Please do a cashflow statement :( This video helped me a lot, thank you
You’re welcome! Check this one out here:
How to Make a Cash Flow Statement (Indirect Method)
ruclips.net/video/1iTDk8N4u18/видео.html
Thank you so much Godbless you 😊
It's amazing experience though iam an accountant feeling a free time to watch this series which has a valuable thing to learn... Thankssss
could we add the drawing account as part of expences?
DUDE THANK YOU SO MUCCHHHHHHHHH!!!!
Wow this is very simple. Thanks alot
Omg very helpful ❤Thank you
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!
would be nice if we would see the adjusted trial balance while you're doing the entries on the income statement.
Very helpful big up bro❤❤
Sir why the Operating expenses would negative? Can you explained it?
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.
THANKS. SO MUCH SIR ☺️☺️☺️
How did you get income tax expense. Arent the calcularions off?
What is sales and cogs is not included in the trial balance how do you begin then?
If*
YOU'RE THE BEST DAMN!!!
helpful.. thank you so much
RUclips is teaching me more than uni
wow, thank you so much for this.
Do you subtract everything to get a total?
What about bad debts? Are they classified under operating expenses as well?
Dis lesson its fyn more
my case here is I am confusing how to divided net profit to get stock dividend and retained earning
What should I do if sales revenue and cost of goods sold is not given in the trial balance?
Just make sure your debuts and credits balance at the end :)
Hello sir. May I know why we haven't included depreciation in the calculation?
Yes, I also want to know. It got me confused.
How do I find out tax rate?
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.
how did you find your tax rate??! pls help
hi sir, I wanted to ask if the Tax % is not given then what we can do?
You can assume it’s 0
@@Accountinguniv thank you sir
@@Accountinguniv so we don't calculate the income tax expense?
@@Accountinguniv we just leave it to the income before income taxes?
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.
I can’t figure out my assignment professor please help
why did we add a negative to the dollar amounts
To show that you are deducting them on the income statement :)
what google docs add on was he using?
Is that Oliver Queen??
nailed it
What if you don't get the cost of goods sold
I thought utilities are part of manufacturing overhead. Are they not?
thanks. very helpful
HI can I purchase these spreadsheets?
please email me :) nathanthomas.tutor@gmail.com
cant i just write cost of purchases
Is interest expense the same as interest paid?
Not always. Usually things like amortization will be the gap between interest paid and interest expense
@1:45 - proceeds to use Google Sheets xD
Very helpful
There is too much for me to memorize in accounting at school
i love you..
Revenues - Expenses = ??????? Comment Below!
Profit
Net Income
Net income
keyboard broke yet?
On my 5th one actually
Very basic income statement would only be useful for High School level.
Yeyeyeye
Ya! bit.ly/secret-video-vault-free
Dis tr is gudo mehn sharap to him mehn
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
Great suggestion! Thank you for the feedback.
Still made no sense
Thank you so much 👍🏽🤌🏼
very helpful. thanks much.