How the Three Financial Statements Fit Together

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This video completes our course on financial statements by showing you how the income statement, balance sheet and statement of cash flows are connected. We'll take you through two months in the life of a company as it's recorded in the financial statements. If you've watched all the videos in the series, you'll recognize all the terms and realize how far you've come in your understanding of financial statements.
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Video Transcript
Nicely done! You've made it to the last video. And, by the way, don't be put off by the busy-ness of this screen. You know all this stuff here: income statement, statement of cash flows, the balance sheet. What I'm going to do now is a very fast rattle through of all three of these, just to cover off all the work that you already know.
Alright are you ready? Let's get going. Oh one thing -- by the way -- you'll see negative numbers don't have a dash in front of them; they're represented with brackets around them. Ok, ready go.
This is for January for Acme Web Design. The income statement starts off with sales of $5,000 and a corresponding costs of goods sold of $1,000. We know to subtract the $1,000 from the $5,000 to get to $4,000. Then we have a bunch of expenses: general and and administrative $6,000 -- that's your rent, telecommunications costs, administrative costs, that type of thing; no research and development costs; we have sales and marketing -- there was salary in there and a small campaign. Add all those up to get to $9,000.
Then subtract $9,000 from $4,000 to get to ($5,000). That's our fancily named subtotal: earnings before interest, taxes, depreciation and amortization or called EBITDA. We didn't have no interest -- we didn't pay anything to the bank - and therefore our net income is a ($5,000) loss. That means we didn't make any money here.
That ($5,000) goes over to the top of the statement of cash flows. The $5,000 worth of sales wasn't paid to us. Half of it instead went to accounts receivable ($2,500). When that happens it decreases the amount of cash available, therefore a negative number. But you can also see that it increases the accounts receivable showing on the balance sheet $2,500. But then, we didn't pay some of the costs this month. That increased our accounts payable $1,000 and also increased the amount of cash that we have on hand. There's our accounts payable down here $1,000.
So total cash from operations is ($6,500). We didn't buy any equipment, we didn't take out a loan, but the founder did put in $25,000 against common stock. Therefore, the total cash proceeds coming into the company this month is $18,500. That's the total of this ($6,500) and this zero and this $25,000. Cash at the start of the period was zero. Therefore, cash at the end of the period was $18,500 and this starts off our balance sheet right here.
We know what the accounts receivable is $2,500, therefore total current assets is $21,000. No equipment. There's the accounts payable $1,000. Total current liabilities of $1,000. No long-term liabilities. Total overall liabilities of $1,000.
There's the common stock $25,000 sliding in here. Retained earnings is, as you know, the total of all the profits and losses since the company began. If you look down, you see a total of liabilities and equity of $21,000 which balances with the total assets of $21,000. Our balance sheet balances -- whew.
We're almost there. I just want to show you one more thing.
Ok, so what I've done here is added in another month. We're going to go through the month of February and we're going to do it very quickly.
Alright, sales of $7,000 is up from the previous month. Corresponding 20 per cent of cost of goods sold $1,400 leaves a total gross profit of $5,600. Expenses hasn't changed, still $9,000 worth of expenses. $5,600 of gross profit minus the $9,000 of expenses equals the EBITDA of ($3,400). So we're still losing money but not as badly, which is exactly what you want to see in a new company.
We did pay the bank $100 worth of interest and I'll show you why in just a minute. ($3,400) minus $100 is equal to ($3,500) the loss for the month. And that starts off our statement of cash flows at the top ($3,500).
Ok, here's a little trickiness. The $2,500 in accounts receivable last month got paid to us this month but we also then took half. This sales then went back into accounts receivable. The difference between the $2,500 from last month and the $3,500 from this month is $1,000. So accounts receivable went up by $1,000 as you can see here, which just reduces our cash.
The rest of the video transcript can be found here:
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[@craftypod]

I have been struggling to understand how three financial statements relate to each other, and this video was exactly what I needed. Thank you so much!

[@AlexGlassey]

I'm glad they helped, CraftyPod!

[@sphiwesyl8278]

​@@AlexGlassey😇 Indeed you have cleared out the 3-years confusion we had in high school accounting in just 6 minutes and 30 seconds👏🏼👏🏼

[@gamble777888]

Got an interview tomorrow and this was a much appreciated brisk and clear run through of accounting and finance. Wish your videos were around back when I was in college!

[@AlexGlassey]

Me too! Good luck with your interview, Adrian. -Alex

[@aknaama]

Been searching KZbin for a video that links all 3 financial statements to work on my university project and couldn't find better than yours. Thanks for the interactive and straight to the point video. I also found it helpful that you included another period to see how changes to the balance sheet would take place.

[@AlexGlassey]

+Abdulla K Glad you enjoyed them, Abdulla. Tell your prof about them - I think more students should watch these, don't you? :-) -Alex

[@sharishsss]

You're the BEST ! I now know how to run my business by the numbers. I spent aday in understanding the past 3 years of these three books and there isn't a thing I don't understand in it.

[@AlexGlassey]

Thank you for the great comment, Harish! I'm SO glad that these videos helped you. BTW, I have another set of free videos that will help you run your business. Try them here: kzbin.info/www/bejne/enOVm6iwf5J0rNU -Alex

[@AlexGlassey]

Hi again, Harish. I think you also asked a question about where the cash for the equipment came from, yes? You asked (I'm paraphrasing you): if I borrow $10,000 for a piece of equipment that costs $12,000, where does the extra $2,000 show? I think you asked how it shows up on the Income Statement, yes? None of this will show on the Income Statement. Let's look at things one at a time as they relate to your Balance Sheet: 1. The Loan: When you receive a loan, the money goes INTO your Bank, AND it shows up in your liabilities under Equipment Loan. 2. The Equipment Purchase: When you buy the equipment, the money comes FROM your Bank, AND then the equipment shows up as Equipment in your assets. Because the loan wasn't enough to fully cover the purchase, you'll need to have at least another $2,000 in your bank before buying the equipment. This extra money will come from any number of possible places (sales, another loan, an investment, etc.) The Statement of Cash Flows helps to show this story, too: 1. You'll see the Loan amount of $10,000 in the Financing section. 2. You'll see the Purchase amount of $12,000 in the Investment section (because the company is investing in some equipment). 3. You'll see that there will be some Cash At The Start Of The Period (which will probably be at least $2,000). I hope this is helpful. Drop me a note if you need any more clarification. Good luck with your business! -Alex

[@HipmanToro]

I do not know if this was explained in a different video, but another item which relates to all three financial statements is Depreciation and Amortisation. This was completely ignored in this video, but it is the entry that is most interesting to look at, as it affects the financial reports differently due to the tax shield

[@meg84wv]

You have made one very confused accounting student way more educated! Thank you!

[@AlexGlassey]

Yay! Congratulations on going through the videos, Magen!

[@cococharney1170]

I just learned more accounting in the last hour from watching youtube videos than I have in class since the beginning of the term… Thanks so much! Hopefully I pass my first exam tomorrow!

[@AlexGlassey]

Thanks so much for your note, Coco! Good luck on your exam - and let us know how you did!

[@chaoskings296]

this would be a little easier to follow/refer back to if you redid using a thinner pen and using different colors so we don't get lost lookin at it later to see where the lines went! Love the video though!

[@AlexGlassey]

Good question, Danny, because it isn't immediately obvious. The payment for the equipment doesn't show on the Income Statement because it isn't an operating expense. Assets that are paid for over time (i.e. with a loan) are considered a capital expense. You can see the loan for the equipment and the purchase of the equipment on the Statement of Cash Flows: - under Net Cash from Financing you'll see Equipment Loan with a +10,000. Because it's a positive value, it means that this 10,000 is money coming in. This shows the money received from the bank. - under Net Cash from Investing you'll see Equipment Purchase with a -12,000. The minus means that money is flowing out (or being spent). - the difference between the money that was spent (12,000) and the money received from the bank (10,000) is 2,000. Does that help to answer your question? All the best, Alex

[@dannymccartney3135]

Im sorry I am still a bit stuck. if the company got a 10,000 loan for the 12,000 equipment how did it finance the extra 2,000 as in where did it get it from? (wouldn't it come off the cash flow?)

[@AlexGlassey]

Danny McCartney Hi Danny. Yes, the money comes out of cash flow. Here's a simplified cash flow statement for the month that shows this: Cash at start of month: $5,000 Cash from loan: $10,000 Cash to equipment purchase: -$12,000 Cash at end of month: $3,000 Your balance sheet at the end of LAST month looked like this: Cash: $5,000 Retained Earnings: $5,000 Your balance sheet at the end of THIS month (after the purchase) looks like this: Cash: $3,000 Equipment: $12,000 Total Assets: $15,000 Loan: $10,000 Retained Earnings: $5,000 Total Liabs & Equity: $15,000 Does that help? Alex

[@dannymccartney3135]

Ah so you financed the extra 2,000 with cash from the start of the month? cash from start of month 5,000 loan 10,000 equipment -12,000 so cash at end of month = 3,000 so used 10,000 of loan and 2,000 from 5,000 to finance the equipment leaving 3,000?

[@AlexGlassey]

Danny McCartney Yes, from cash that you already had in the bank. Do you see how that works?

[@dannymccartney3135]

Yes, thankyou for explaining it to me!

[@raunak3108]

Thanks Alex .. You have explained it in the most simple manner possible ... thanks

[@abhishekpawar6305]

Thanks Alex you have helped a non finance background person understand the terms under 10 mins.

[@anirudhaggole2808]

very helpful , short , crisp and to the point ; thank you so much

[@preetbhaidaswla161]

this is by far the best explanation of the relationship between financial statements! thank you!

[@AlexGlassey]

Thank you, Preet. That's very sweet! :-) BTW, you might also like my new series on how every business can transform its cash flow. Find it here: kzbin.info/www/bejne/enOVm6iwf5J0rNU

[@ibrahimalmansour7145]

This is the best description I have ever heard.

[@jimcuddy7407]

You're an awesome teacher I've learned more in 7 minutes than hours in class

[@AlexGlassey]

You, sir, are an awesome student!

[@linhmai7039]

Hi Alex, I would like to ask about the income statement, the interest is because you dont borrow from the bank, but incase you borrow from a company or person, or someone invests in your business, does it count like interest? thanks

[@drevil530]

Mr. Glassey, thank you so much for simplifying everything. You sir, is a gentlemen and a scholar! Cheers!

[@AlexGlassey]

Good to hear from you Jay dee, and all the best to you and your financial statements! :-)

[@delilahnguyen3959]

Hello Sir, A thousand thanks Alex for your video. It is very clear examples. I love the way you compared two months. Could you please have some videos on adjust General Ledger journal and GAAP ? God bless!!

[@jbusch7173]

Thanks for these in-depth and comprehensive explanations. I haven't done accounting for three years (and then only one unit), but was able to follow thanks to your fantastic guidance.

[@AlexGlassey]

J Busch Thanks for the great comment, J. I'm glad to be able to help. -Alex

[@dylmadeit8705]

Using this to prepare for interviews. It really helped a lot thank you so much!

[@attapon56]

This really help me recap whole accounting in just 6:30 mins. Thanks a lot!!!!

[@ijjohenry5165]

Great video, simple and straight to the point even for a lay person to understand.. Thanks Great work

[@AlexGlassey]

Glad you enjoyed it, Ijjo.

[@sushimouse2516]

Thank you so, so much for walking through this. I learned so much more from your 6 video than from my actual Financial Accounting professor.

[@mikaelgross5925]

Very good Video explaining with simple terms how everything fits together (and in only 6 minutes). Amazing! Thanks!!

[@kedarkulkarni7757]

Alex - Please clarify at 4:32 of the video where you say, "accounts payable - we paid our bills from last month but didn't pay some of our bills from this month" So if 1000 owed in January is paid how does that determine that there is still 1000 outstanding for the current Feb month which you entered in the liability section of the balance sheet. And if it is present in the liability section of the balance sheet should it not have come from the 1000 under Feb of the Statement of Cash Flow Operations which you have left blank.

[@sklee1644]

So far, I really like your. It is very clear about how cash flows in the statement of cash flow.

[@annaanna8927]

Excellent. It's fast, clear, and easily understandable. Thank you

[@johnvarga9009]

Explained in a way that's easy to follow and understand, thanks!

[@ganeshkumar4163]

great video ! Could you please also explain how we paid our gerneral, administrative ,sales and marketing expenses if our cash at starting period was zero ? i guess we paid with the common stock ?

[@hafiznor4497]

wow just simple & clear.. thanks so much.. why are others making it so hard to understand..

[@garyfonseca3035]

Thank you for the work you put into this. It has helped shaped my business thinking. One thing that may be helpful is to put the series in part 1 - part 10 (however many there are). Found it difficult to navigate the videos and I think I would have benefited more had I watched them in the proper order. Thank you!

[@mendyganz6967]

Incredibly explained! And fast... excellent demo

[@robhlario7197]

I got the concept of this, my problem is the present set up Journal Entry today does not serve the purpose, because I believe each content of the 3 statements are verifiable with in the 3. To solve this I thought of an innovation to Journal Entry, trying to research what to do, get a copyright or talk to experts if it's workable.

[@akshaykothari93]

Nice Video. I just wanted to know in the statement of cash flows - how did you come to know that the Accounts Receivables for month of Jan $2500 was received to us in February? I have trouble understanding that area most of the time :S

[@rolandotorres9741]

Can you explain how AR jumped to $3500 in second year, you mentioned "half of sales" but didn't finish the thought? Thanks!!

[@RatedRudy]

No he did. I was confused at first too. He says that starting second cycle, half of the sales ($7000/2) go to account receivables (AR). So, our AR for this month should've been negative $3500. However we paid for our last month 2500 that was in our AR... So that is an addition of 2500 on top of (-3500).... so we are still short by 1000 for this month .... (-3500+2500=-1000).......

[@steveyoho1076]

Thank you so much for taking the time to clearly explain these financial document to me, it is sincerely appreciated.

[@donaldedwards3034]

this is a great video no fluff it is right to the point. Helps greatly with stock investing.

[@mohamedabouagina1039]

Great video, but have a question when you inserted the second Month of the CFS, why did you re add the value of AP 1000. Doesn't the statement not represent each month individually but the company's CSF as a whole?

[@anujasingh3720]

Hi Alex, great job, you explained it so clearly. You must get million hits. And all other people like you who provide educational material free of cost. Keep it up.

[@jasonchien2069]

Hi Alex, Thank you for the great video. It helps me to clarify my confusion. I have a quick question. In the Statement of Cash Flow, the February AR balance is -$1000. You said the -$1000 is the calculation from Jan AR collection (+$2500) and February Net Loss (-$3500). But the net loss of -$3500 is not entirely from sales, I thought the interest expense -$100 is also part of it. That's not the A/R, isn't it? I guess I am still confused. Would you mind elaborate it a little? Thank you so much!

[@andyhadipratama3403]

Hey Jason, let me help to answer. So the -$1000 we found at the feb is from the calculation of: Jan AR collection (+$2500) + "Feb [New] AR collection" (-$3500) -> found at assets at the balance sheet As you see the number were coincidentally the same $3500 which makes it confusing, but the point is you gotta put the newest AR into the calculation and not the net income. Cheers!

[@martymcfly1733]

Andy Hadipratama video from four years ago and I was trying to solve this thing and magically you answered just 1 week ago! How lucky I am! Thanks Andy

[@beelian413]

thank you sir for being so generous with your knowledge

[@abhijitbhagat4019]

Great video- simple n direct. Solved many doubts

[@AlexGlassey]

+abhi abhi Glad it helped!

[@nunvikingsofthesea]

great vid! Super clear and simple.

[@narendrarajput1548]

Hi Alex, Why do u use same color ? please change the color .. #Request The new marking gets overlapped by previous marking . Please be slow if you can. Thanks ..

[@violetacupahina4668]

Hi, thanks for a great video everything is explained just perfect. I just have one question, how would you describe in few words the financial situation of the company with presented figures in the video?

[@AlexGlassey]

Hi Violeta! Thanks for your compliment and question. I'm not quite sure I understand what you're asking. Can you please give me a bit more detail here OR send me an email to alex (at) stratpad (dot) (com).

[@blucollarfinance]

love this bro, what app are you using

[@touqeerahmed4032]

You Sir, have got yourself another Subscriber. Thanks

[@DrMrMLG]

Great video, I have interviews for internships and this helped me refresh on the basics. Great pacing, great information.

[@aneesurrehman873]

great Job Sir, Lots of respect from Pakistan

[@AlexGlassey]

Thanks for sending your note Anees. I have a very good friend who lives in Pakistan, so I'm particularly glad to hear from you! :-)

[@nickbarrodrums]

If you financed inventory with debt and you had an agreement to repay that debt when inventory is sold, would that repayment be in the income statement as COGS as it was used to acquire the good sold or would it be put in the cash flow statement as just a repayment of debt?

[@iredelima1750]

Hey, I love do way that yoy explain. Can I use this for a company that is starting its business

[@surabhichavan2365]

Very grateful for this series of videos ❤❤❤❤❤

[@AlexGlassey]

And I'm very grateful for your note - thank you!

[@maizatulwahidah2394]

I am on my way to try to understand this cash flow. Feeling curious about how it works when we apply it thru reality. Thank you so much because it helps. I'm not doing the audit work yet. Just accounting and tax ^^

[@Chronocours]

Thank you Alex. You've done a great job.

[@AlexGlassey]

My pleasure, Jacques!

[@m.frederikblouin7436]

Hi sir, good job explaining. I am just confused about where did you tak your (2500$) in second column at AR and the 1000 for AP ?

[@drevil530]

Mr. Blouin, I hope this helps you. Looking at the Income statement, Sales was $5000 but only $2500 were paid in cash and the rest will be paid in the following month which becomes Account Receivable. ( Sales: 5000) = (Cash: 2500) + ( Will pay cash next month: 2500). On account payable it was given number. The company decided not to pay what they owe that month, for example your company set a side 1000 to pay off a debt in the month of January but decided not to pay it til February then at January since you did not pay off your debt then you have an extra 1000. Thats why it shows on the liability ( what you owe ).

[@brampyvich]

Thank you Alex, fantastic Video, helped me in understanding the relation between the financial statements

[@AlexGlassey]

Thanks for taking the time to post a comment. Very much appreciated.

[@deniskatashkentskiy]

Thanks a lot Alex! Extremely simple and well explained!

[@AlexGlassey]

You're most welcome. Glad you enjoyed them!

[@dannymccartney3135]

One question: When you took bought 12,000 of equipment in February, you took a loan of long term loan of 10,000 but how did you pay the other 2,000?

[@24campo93]

I'm trying to figure out how they paid the 2000 as well.

[@pranavkunavat3521]

It's been deducted from equity cash at end of cash flow statement and it's directly affecting the cash on balance sheet

[@pranavkunavat3521]

The one you can see cash at start of period from that it's been deducted

[@jackrossi7118]

I am a little confused but am ok to criticism but the february equipment loan. The $10,000 is a loan from the bank but where is the remaining 2k from cash?

[@moheuddin_sehab]

awesome.. well done explaining

[@iammayuresh]

Good explanation!

[@AI-zt9pb]

if you purchase an equipment, don't you have to add depreciation to your income statement? just a bit confused.

[@JanFLAC]

Love the video, great explanation!

[@Doctrinaindia]

Thanks for the video.very useful video and keep posting video like this. Thanks again

[@bestyouprointernational]

Excellent Video

[@thefutureinvestor]

Superhelpful and simple! Thanks

[@AlexGlassey]

:-)

[@sasavienne]

Thank you so much Alex.

[@AlexGlassey]

You're SO welcome, Salim!

[@MiguelSeabraMelo]

From 4:05 - Mind. Blown. I think I need a drink.

[@KylerRB]

you just saved me. Thanks for awesome explanation.

[@tanmaykulkarni2459]

Simply the best! Thank you so much!

[@AlexGlassey]

@@tanmaykulkarni2459 Yay! Glad it helped you out!

[@tonyisgonetomorrow]

Hello, doesn't an amount in the Balance Sheet for Accounts rec/pay not necessarily reflect a change in those account balances throughout the year? (Ie in order to properly calculate the change in, you would need the beginning and ending amount?).

[@tonyisgonetomorrow]

It's occurred to be that this may be first year of operations (perhaps mentioned in previous video, or even this one I am not an infallible sponge). Anyone in my same boat learn from my dunce hat of shame.

[@AlexGlassey]

Hi TonyIsGoneTomorrow, Every number on the Balance Sheet, including those for AR and AP, reflect the current balance as at the date the Balance Sheet was prepared. Example: AR on May 31, 2023 is $1,234. That means that the total amount owing to the company from its customers on May 31 is $1,234. With regard to your question specifically, $1,234 is the change in this account *since the company started*. In other words, it's the sum of all the customer invoices and customer payments and AR-related adjustments since the company started, regardless of whether it was 1 or 2 or 12 years ago. If you want to know the change in AR (or any Balance Sheet item) for a particular period (say January 1, 2023 to May 31, 2023 you'll need to subtract the AR on May 31, 2023 from the AR on the day before January 1, 2023. I hope this is helpful. - Alex

[@kylephillips6450]

Really helped, thank you :)

[@MahPerfumeseParfums]

all I needed...thank you

[@AlexGlassey]

You’re welcome! 👍

[@beverley7220]

thank you!! extremely helpful

[@henryaaron4935]

Great video

[@jeansanchez920]

Thank you so much, this is a huge help!

[@COSANOSTRA2OO8]

Thank you a lot! Really easy explanation. Keep it up

[@BossChronicles]

Would you recommend one majoring in accounting ? How good at math do you need to be in ?

[@AlexGlassey]

Hi Shawn, I can't recommend a course in accounting as I've not done the research. There's not a lot of complex math in accounting (mostly adding and subtracting with a little multiplying and dividing). That said, there's a LOT of adding and subtracting so you should like to spend time with numbers! :-) All the best, Alex

[@juancpgo]

Calculating taxes can be more math heavy though.

[@mayyn77]

why is it accounts receivable not accounts payable that is the only part i dont get it. Nonetheless, great video with simple explanations !

[@DeadWaits]

it is two different things. receivable signifies the money you have yet to GET from some source. Here it is the money you were owed for something. Shown as negative, clearly. payable means what you have to GIVE to someone you owe. it is positive, because from the steady state (where all the transactions are settled), by not giving some money, you are UP by that amount.

[@donpablu]

amazing. thank you so much. so helpful!

[@JoshBaylessgoogle]

Very helpful thanks Alex!

[@AlexGlassey]

+Josh Bayless You're welcome, Josh!

[@tembukimbi8404]

Beautiful.

[@hellerlopes993]

hey i just starting to learn it. Can you help me

[@ExcelTutorials1]

Great video, thanks!

[@AlexGlassey]

Glad you liked it!

[@bergy4040]

3:43 "EBITDA" - I lol'd.. Going to use that one

[@AlexGlassey]

Good that you can laugh at this stuff! :-)

[@malleshd3600]

excellent. very intutive

[@AlexGlassey]

mallesh d Thanks for your comment!

[@AlexGlassey]

Thanks Mallesh!

[@Polarbearfull]

This is golden

[@AlexGlassey]

Thanks Polarbearfull! I'm glad we've helped you out. BTW, check here for more free videos: www.stratpad.com/videos-on-business-strategy-and-business-planning-for-entrepreneurs/

[@essewognin5178]

You're the best! Thanks

[@DeadWaits]

You, sir, are upvoted

[@AlexGlassey]

You, sir, have my gratitude! :-) And if you liked THIS video, you're going to LOVE this series on cash flow: kzbin.info/www/bejne/enOVm6iwf5J0rNU Seriously good stuff.

[@ube-23s]

Hi, By 1:55 minutes you said ""Increase in Account Receivable showing on the balance sheet" I don't see the increase in Account Receivable because you did not show comparable Balance Sheet from prior year or from DECEMBER. sorry not clearly explained. I think you doing Indirect cash flow. What happen to direct?, well that is your choice. You were running too fast. Thanks though.

[@shaikhahalrajeh3726]

Why the AR become 2500?

[@peternguyen572]

Awesome :) easy to understand

[@AlexGlassey]

Thanks, Peter. Yup, the Italians who invented this stuff in the 1400s are pretty clever people!

[@Kaisan8890]

Thanks a million

[@karthikbaskaran9618]

You are awesome

[@Felicidade101]

why go to uni if you have youtube

[@TSquared2001]

And the mystery is solved.

[@AlexGlassey]

Ta da!! :-)

[@amitsingh-mj5ox]

gem 💎 💎

[@KorivadaDapmave]

❤

[@Raysliquidity]

First part was well explained, but second part was overly wordy and you overcomplicated the concept by focusing on numerous additions and subtractions instead of simply focusing on how the three financial statements relate together. All of the highlights are the same color and you never paused after you would explain each relation, to let that concept sink in for a second. Still, appreciate the video and your help

[@rammitgulati7215]

lol, he is canadian

[@AlexGlassey]

Guilty! :-)