FA5 - Preparing the Income Statement

[@c4un544n5]

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.

[@briantaremwa9167]

HOW I WISH I HAD TEACHERS LIKE YOU I WOULD HAVE LIKED SCHOOL

[@nutritionscience88]

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 🥰

[@PunmasterSTP]

How did the rest of your class go?

[@rue8759]

me too

[@malig7517]

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

[@dialoguediscussion-1744]

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.

[@PunmasterSTP]

How has accounting been going over the last three months?

[@PunmasterSTP]

Income statement? More like "The educational value of these videos can't be overstated!" Thanks for all of them.

[@davidmichel1350]

As a freshman I didn't understand accounting, but you made me love it. Thanks a lot.

[@cheryleneperumal1771]

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

[@deepsleepmusic4275]

You are the best…much much love from Nairobi,Kenya. I am doing a refresher and you are just the best

[@caitlynwilton4986]

you are absolutely amazing. you are genuinely the only reason accounting makes any sense to me. THANK YOU SO MUCH

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Hey man, just want to let you know that you're a great prof and I love your teaching style.

[@Studiewudie]

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.

[@Mortalstoryfoxrecaped9848]

Oh man you are a saviour I mean I have shared you KZbin channel to my friends And the way you teach I love it really 3 credit hours course In just 20 minutes

[@Mortalstoryfoxrecaped9848]

I have an exam of financial accounting in 2024 November 6 wish me luck Just I have watched your videos and prepared

[@gladyscherono2392]

How i wish i had a good lecturer like you in campus like you.great knowledge gain here

[@haddenleak4641]

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.

[@astasna]

I like your amazing upbeat attitude to teach while teaching.

[@faisalkhalidjeddahboys1960]

Good mam this is the right teacher with a vast knowledge

[@snoofmn]

Dude, I really appreciate the videos. They are helping me through my accounting class. You are the best.

[@tasimbasaidi942]

This is so helpful. Thanks for saving the semester.

[@augustayartehyarteh4467]

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.

[@بصكويس]

you're just a great teacher I love you so much man and I am really grateful Wish you more happiness and success

[@zebunissarazahussein132]

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.

[@talitaeugene9148]

You're simply the best at this!!!!

[@monarqueens2070]

You’re just amazing thank you for contributing for us, god bless you dear sir .

[@rapide12345]

Finally understand it, thank you for these kind of videos, really really helped me.

[@manalelattir7119]

Thank you so much @tonybell! you make things so easy! love this.

[@amishag4922]

Thank you!!!!!! you make it super easy to understand and its very helpful thank you!

[@keyn8241]

Great video, very simple and straight to the point!!!

[@mr.sandmanred1456]

You make this seem much easier then my prof did, thanks!

[@marokogogidze2841]

Thank you so much! every video you make is super useful!!! Thanks thanks thanks!!!

[@ahabjordan]

With collge prsure I graduted, but I am learning here more than in college. Thanks Bell

[@anavickyarmenta8152]

Me está ayudando a aprobar accounting !!!❤

[@jaimiejin7992]

Thank you Tony. Very clear explanation.

[@Tony-Bell]

Jaimie Jin Thank you!

[@nourelgendii]

you are saving my life dude thank u so much

[@sono.shakhlo]

Thank you very much for your free video lessons

[@kaleogoumas8615]

Thanks from France

[@harryaldieny7697]

Beautiful! Just for the sake of night time binging, please try to make the background less bright somehow. for me I prefer pitch black

[@mcanatmaca]

Thank you for all things sir, I wish you all the best :)

[@peterm1332]

Can you do a video on a statement of comprehensive income ?

[@hawanatumansaray924]

good teaching professor

[@AkshayKumar-yn3lj]

Rap songs make so much more sense now Tony ;)

[@xunit94]

Hi Professor, sorry if this is a dumb question, but don't we separate the expenses into COGS, SG&A etc?

[@AliciaViney-q2q]

awesome teacher

[@faisalkhalidjeddahboys1960]

Love you sir from Saudi Arabia

[@chriscascio698]

very helpful!! easily understandable

[@johnloeb9035]

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?

[@Tony-Bell]

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....

[@nickisigobodhla6430]

i love your teaching. quick question what is the difference between wages payable and wages expenses.

[@Tony-Bell]

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.

[@nickisigobodhla6430]

@@Tony-Bell Thank you

[@c-daniel]

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.

[@ajakbar8782]

Wow man I appreciate it you so much

[@nweyejoyo.6483]

Thank You

[@cece2617]

Hi, thanks for the videos, it's of great help. Just one question. Couldn't we just put expenses on the category: liability ?

[@Tony-Bell]

Nope - Expenses create liabilities, but they are not liabilities - hang in there, this gets discussed a lot in Module 2!

[@bridgetellah2288]

Thank you so much

[@tshepisokgamanyane2665]

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?

[@kaylsx6204]

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.

[@alappuzha9]

Tony, how to get solutions of problems 1.4A and other complex ones. Please help

[@Tony-Bell]

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

[@bryanblaise79]

What technology (device/software) are you using to make these videos? Or if anyone else knows I'd love to hear

[@Tony-Bell]

One Note and a Microsoft Surface tablet. OBS is the recording software.

[@nahidiac]

Beautiful.. mmwaaahhhh... Beautiful title :D at 6:25

[@joaovictorbarbosa9785]

Thank you!

[@bamschilders]

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 :)

[@nahidiac]

Under revenues, there can be multiple accounts. So..

[@Vinny_donuts]

didnt you say equipment was a current asset in previous video? Or am I wrong?

[@RosieGuria]

Thankyou so much!!

[@Vinny_donuts]

and is unearned revenue on an income statement? Does it depend if its a LT unearned revenue or not?

[@leonardoguerrero235]

He is unique.

[@clareprv8878]

What is the statement of other comprehensive income? Do I need to find the net income? Thanks

[@Tony-Bell]

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/

[@clareprv8878]

@@Tony-Bell thank you very much for the link, it was helpful!

[@kokimakan8311]

THX DR VERY MUCH

[@krishamehta6354]

How come office supplies in not a part of s & g under income statment?

[@joseg3102]

Wouldn't wages payable be considered an expense? As an administrative expense?

[@jonathanplanet]

Why isnt wages payable an expense and whats the difference from the wages expense?

[@PunmasterSTP]

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.

[@jonathanplanet]

@@PunmasterSTP This clears things! thanks a lot!

[@PunmasterSTP]

@@jonathanplanet I’m glad, and all thanks to Tony!

[@sahilnegi4326]

Please share the format as well

[@imtinashev-ue2fq]

Can i type like Revenues Shuttle revenue Total revenue I mean can i add total revenue or i should not?

[@insipidip]

love you king thank you

[@adhamosama727]

How can I say thank you personally 😍

[@techop7136]

Which grade accountancy is this?? Can somebody tell me?? 😢

[@mickeysimi272]

THANK YOUUUU

[@syedali-portfolio7457]

Would had been much better if COGS, Operating Expenses, SG&A, Income Taxes, EBITDA were taken in affect and explained much in details.....

[@zacharypettis5277]

I agree

[@arthurlejuejeffrey5749]

Can i like bracket the total expanse to show a its subtracting? Ex: $69,300 $(48,600) ---------------- $20,700 ----------------

[@manalisse3558]

Literally here cuz I dk what my uni professor says and they go so fast with their explanations 😭

[@jackdavis8596]

Font is way too small, other than that a good explanation.

[@SuperShooli]

Fantastic

[@redinkreed3430]

why is wages payable a liability and not an expense?

[@Tony-Bell]

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!

[@redinkreed3430]

thank you so much your lectures are amazing!

[@mcc-us]

OK

[@aniketkarmarkar8372]

why is revenue on the right side?

[@Tony-Bell]

Just a formatting choice - totals on the right lists on the left - since there is only one revenue, it IS total revenue.

[@mohammadalhajahjeh393]

this the income before tax prof :)

[@zacharypettis5277]

What about.cogs

[@Tony-Bell]

Check this one: kzbin.info/www/bejne/gGTCeqqgjMR2lZI

[@haylievu]

whenever someone asks me since when understand accounting I’ll answer Mr. Bell is my teacher

[@T.Noch888]

Studying for my financial accounting for Lawyers midterm😭😭

[@marcoandresrosario8474]

So, did you pass?

[@T.Noch888]

@@marcoandresrosario8474 i did 😭😭😂

[@marcoandresrosario8474]

@@T.Noch888 cool.

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lmao im watching this in 2024 \

[@bdiariesgaming1287]

I owe my degree to you

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[@saintxanny18]

Me In 2024 watching this before my exam 😭😭🤍

[@nocoatofsugar6205]

com 100 b

[@FriendsOfMountains]

thank you so much

[@Tony-Bell]

You're welcome!