FA7 - Preparing The Balance Sheet

[@RDoucet-qy9qk]

I hope this message will get to you. I had to take an accounting exam for my work. It’s mandatory for the position I want to. And I failed, cause there’s some things I wasn’t able to put together in my mind, and they just handed us some accounting basics sheets, that didn’t even cover 20% of the test. A friend of mine showed me your videos. Within the first videos, you made me understand accounting better than ever. I took the test once more and I’m happy to tell you that I succeed. Because of your videos and the way you teach, I was able to meet the requirement for the position I want, and keep the job. You helped me in my career and I can’t thank you enough for this!

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It’s amazing how could this instructor provide this much of knowledge in very simple way. The best teacher that I’ve ever seen. BIG LIKE

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YOU ARE A LIFE SAVOR!! Being the teacher and the student in an online course isn't easy, thank you for being the teacher.. !! Thank you thank you !!

[@keirarusinko9933]

Im a freshmen year accounting major, and I am not even taking Financial Accounting Intro till next semester but your videos are so fun and entertaining that Im watching them to get ahead. Thank you!!

[@NikkiArmijo]

Hello Professor Bell, I can't thank you enough. Not all hero's wear capes.

[@geronimocaregiggerbychoice2237]

You, Mr Tony Bell is the answer to my needs to learn Accounting. Thank you for putting up these videos that are really very helpful to my needs. God bless you.

[@Brun_kids]

I can't thank you enough for these videos and I truly appreciate your teaching style. It's been a struggle with the teaching style of my professor and I nearly gave up. I watched your videos, took notes and I feel like it was really easy to retain and understand.

[@Warnerine]

Not sure if it's a coincidence or destiny but I just discovered this class and the examples used for the preparation of the statements are for the year 2024 when this tutorials were uploaded 4 years ago, either way I just want to say THANK YOU, this is a very comprehensive tutorial, It will assist me very well going forward in my business and understanding the language as well as interacting with My CPA.

[@owen6820]

This video is gonna be soooo relevant for whoever is watching this in 2024

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It really is

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Y

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Yap thats me😂

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That's me😂😂

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That's me!😂😂

[@matusbohuncak7655]

thanks man, i have been stuggling in class for the whole semester, found you just before the exam, its all easier now, and accounting isnt all that scary now

[@LuisaAwuah]

This is literally me right now😂

[@ladyfaith.5932]

There’s no way I can thank you. 😢 been struggling with Acounting. Thank you so much

[@mwezi10]

your way of teaching is amazing

[@siasuzanne819]

May God bless you and everything about you.

[@GemanDugz]

thank you sir, i now understand very well how to make those 3 sheets since i have to do it in the exam tomorrow, thank you again

[@krishnakishore1083]

Krishna Kishore Really amazing......wud like to continue

[@Gi_Lovely]

The best in the game! 👏🏽👏🏽

[@amirMahmed]

Thank you for your support i really appreciate

[@ismailgass2960]

Thanks u sir. Just started ur course u explain well now I understand

[@pelinoncu5032]

Tony! Many thanks for your video, perhaps can you make a video about a Company who repurchase their shares? How does if effect the statement of changes equity?

[@rajsheth3153]

Thank you for posting this lesson Sir. It was very useful.

[@ivonne860]

Thank you so much, you are the best, finally everything click ❤ Thank you, thank you! 🙏🏻

[@augustayartehyarteh4467]

Aw i was looking to know more on to prepare a classified balance sheet from December 31st. I have put most of my account . It seems like i have to do more to write them in their Appropriate account. Thanks for your sound explanation sir.

[@wunones]

Very well explained. Thank you! 🙏

[@AmandeepKaur-bx4iq]

Thank you so much sir.. This is really helpful in my HRM course.

[@PunmasterSTP]

Balance sheet? More like "Woe, this is neat!" Thanks for all of these wonderful videos.

[@tonyar952]

You’re a top guy, doing some really good work

[@Tony-Bell]

😆- Thanks!

[@TheJohn5710]

wish i found your video's at the beginning of my course!

[@PunmasterSTP]

How did the rest of your course go?

[@akshaypatel518]

just wanna say these vids are GOATED god damn

[@racheal4467]

Thank you for this tutorial

[@saher320]

I have a question 😁 If there is a bank paid would it be change the income ??? I want to know please.

[@tharindusrimal609]

Great videos....hope more....pretty helpful to me.

[@adhamosama727]

The best accountant in the world

[@MrMit-tb2qf]

Good job 😊 keep it up

[@marym2348]

In the video where we classified everything, you stated office supplies were long term, and in this one they are classified current. Could you explain this to me? Thank you so much!

[@Tony-Bell]

Definitely should be current - take a look - here: kzbin.info/www/bejne/g3fOe5aGapmEabssi=1XBtKau7lIoW2LQS&t=187 and here: kzbin.info/www/bejne/qKvah6CKpJpmp8ksi=J25dTjw16wOjH9kz&t=365 If you can find where I call it long term - send me a link to the vid - I'll need to fix it!! Office supplies are current for sure :)

[@marym2348]

@Tony-Bell oh thank you, I wrote it down wrong! I should have double checked. Thank you so much!!

[@Tony-Bell]

@ no worries! It happens :)

[@AymanKhalifa]

Thanks Tony for sharing, I've got a question, isn't the net income suppose to be in the bank statement as well?

[@jeffgrossman9289]

Great videos!

[@Tony-Bell]

Glad you like them!

[@OKUMUSANTOS-wc8gs]

Assuming in the journal entry, you group several items like office computers, laptops and printers under the same sub account, say office equipment account, and u estimate their life time to be 8years in business for all items, do u have to apply depreciation office equipment account, or u break those items individually and apply a separate depreciation when it comes to balance sheet ???

[@ikranmuhammad1992]

In one of the questions in the fa workbook pdf, one of the questions(1-4A) has a current portion bank payable, what am i suppose to do with that?

[@Tony-Bell]

It goes under current liabilities. That question the full amount of the Mortgage payable is 60K and the current portion is 8K. So that means the current liability is 8K and the rest (52k) is long term.

[@lucasdapaz1522]

Thanks so much!!! This is so helpful

[@mustafeabdi3364]

Hello Professor 12:01 my balance sheet balanced in a different way, in SE, Common shares 60K then i adeed Net Income 20,700 then Retained Earnings 10k then Deducted Dividend 3k that totally became 87,700 then add 48,800, you get 136,500. how?

[@deimantyna]

Hi Tony u forgot to add double line for sum of TOTAL LIABILITIES , AM i wrong lol . on previos tutorial u mention that u are very strict on that kind stuff ;-D AND THANK YOU FOR LESSONS -SO HELPFULL , I RECOMENDED TO MY DEGREE MATES.

[@megandavis7459]

this is gold!!!!!

[@riprider2]

Awesome stuff, I've learned so much in preparation for my MBA accounting unit. Is there a need for a $ in front of the long-term assets/liabilities or the shareholders equity segments? Thank you again

[@Tony-Bell]

Formats vary by company and by instructor - i would follow whatever $ format choices your textbook/class make - in the video, you'll see mine!

[@riprider2]

@@Tony-Bell excellent, thank you for all your work.

[@amaobuobi8817]

Thank you Sir

[@user-yf1dc5nk4y]

Thank you

[@BeckyWindsor-d1k]

excellent!!

[@hybridokrisha988]

Professor bell, you didn't teach us about the accumulated depreciation on the balance sheet !!! Accumulated depreciation was given in the PDF workbook and there weren't answers to check too

[@Zinn277]

really good

[@asiimwejohnson7388]

Is it ok if you write your balance sheet as Sherry shuttles Balance sheet as at Dec,31,2024

[@ethancorrigan7524]

Do you do more advanced financial accounting for undergrads or are all the videos in this series as basic?

[@Tony-Bell]

All basic - I'd like to add more advanced stuff in the future - but I'm not there yet!

[@ethancorrigan7524]

@@Tony-Bell Thanks for the reply!

[@jandernikko6411]

Thank you very much Sir Bell. I have a question, why don´t you order assets from less liquid to more and liabilities from less enforceability to more? I mean, here in Spain we order it like that. Just the other way around. Does it make any difference?

[@dagmawiashenafi1]

It is a matter of preference.

[@sodiq9508]

Why is office supplies classified as a current asset and not an expense

[@PunmasterSTP]

I think the main reason is that after you buy the supplies, you own them. Hence they are an asset.

[@lauragasparyan6175]

Why the "office supplies" aren't in P&L as an expense but in Balance sheet as assets?

[@christianpatten4758]

Because assets are resources owned by the business entity. Office supplies are resources.

[@eco-muslim]

The vedio was uploaded 5 years ago but I am watching it on the 1 of December 2024 amazing

[@janetcamche3539]

Are a Trial Balance and a Balance sheet the same thing?

[@Tony-Bell]

Nope different - search my name and trial balance to see one of those! (Covered in Mod 2 of my workbook)

[@janetcamche3539]

@@Tony-Bell yes I'm watching it now

[@sophiajimenez6395]

tony, i love you.

[@douglasfisher8713]

I attempted to do 1-3B after following the video steps and processes exactly. For some reason my total Liabilities and SE continue to come up 166,500 short of the assets which i got 314,500. Why is mine so far off.

[@Nonamae77]

there is something wrong with your workbook from 1-4a to 1-4B I did it multiple times and on the balance sheet part it does not equal. Everything checks out. From 1-4A for balance sheet on asset side I get 123000 and on the right its 121000.

[@camerakaravan]

Is that an American or British approach?

[@fernandoalfaro973]

what should we do with sundry payables?

[@Tony-Bell]

Current liabilities - I'd put it right under Accounts Payable.

[@fernandoalfaro973]

@@Tony-Bell thank you I have an exam today and this will come up!!

[@adriannehipolito6672]

4 years yet it ages finely

[@pabellocanopy6796]

we kept on liabilities the common shares and retain earnings because we can lose this money and because we have to pay? and also 'common shares' is money came from who invest in us? Or is it a stock that we invest?

[@sofiadandreavillarreal6970]

Hey! It's been a month but anyways. First, I believe he didn't include common shares and retained earnings as Liabilities, he just put Shareholder's Equity below Liabilities (if you check you can see he wrote "SE" as a title). The reason why he put it below is to represent the equation A (on the left) = L + SE (on the right) in the balance sheet. As for common shares, it refers to money raised from selling stock shares, meaning the company gained 60k by selling shares to investors. I could be wrong because I know nothing and I'm just learning through this playlist, but that's how I understand it. hope it helps!

[@redinkreed3430]

total liabilities, "we don't double underline that!" me who has confidently double underlined 😮

[@Tony-Bell]

haha!

[@qalibismaylov5420]

The GOAT

[@deryaalaboyun6486]

Hi Firstly I d like to thx. I have a question why Dividant didn't place in balance shit....

[@Tony-Bell]

There are many different format choices in financial statements - dividends in the balance sheet is one, but I put the dividend on the statement of changes in equity or statement of retained earnings.

[@valhowerton1251]

I think they were just jealous of your typewriter

[@catthatsleeps]

this was better than s3x

[@sindbad022]

thank you