Financial Statements Explained Pt 2

I cover how the following effect your financial statements: Paying off Debt, Hiring an Employee, Buying with Credit, the Accrual Method, the Cash Method. Balance Sheets and Income Statements Whee!






16 responses to “Financial Statements Explained Pt 2”

  1. abdou sam Avatar

    hi, thanks for the video, it s great for beginners; i v question, in 2:35; when we paid the second half of the booth rent, we decrease our cash by a total of $120, so in the total Asset column and the Liability it should be
    $240 =(Prev. Cash)$160 – $120(second 1/2 Rent) = $40 + $200(raw Mat.), the same for the liabilities; is that So?

  2. Richard Kimball Avatar

    Thank you! Great video.

  3. Mahendra Kumar Avatar

    One of simplest way of understanding financial statements, Thanks a lot for all the videos!!

  4. JohnLusink Avatar

    Excellent tutorials. Just an FYI, "material" is misspelt in a number of slides and there is no such word as "irregardless". Sorry, little "OCD" here!

  5. Blake Norman Avatar

    Why did you count the paper and not the markers in inventory?

  6. Johaina ben Avatar


  7. Joe Watson Avatar

    if I buy office supplies with a credit card, that shows up as an expense and also an account payable. My question is do i need an accounts payable account for office supplies along with the asset account for Office supplies???

  8. KamalRafi66 Avatar

    Thank you. But isn't the right statement is wrong at 2.54 ?

  9. Michael Irakoze Avatar

    Great video, really helpful and straight forward.

  10. Fay Todd Avatar

    When you are showing accrual method vs cash method did you make a mistake of thinking $425 + $250 = $750??? it does not, it comes to $675 or am I missing something here? I'm confused. Btw, thanks a bunch for the wonderful vidoes

  11. Derek Banas Avatar

    Thank you. I'm glad you found them

  12. Kate's Free Avatar

    These are probably the best simplified accounting tutorials I've seen. Nice job.

  13. Kreest Avatar

    Great vid! I like the flow of information in this video better than the first one.

  14. Enzee Avatar

    very crisp … loved it

  15. zippydeeify Avatar

    Thank you. This is very useful!

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