Income Statement For Beginners and Intermediate

In this video I walk you through the Income Statement for Spa Booker (a made up business) an online marketplace. My goal is to explain to you:
What goes into each section of the statement
The mechanism by which each item gets recorded
What adjustments needs to made to finalize the numbers
And what Accounting standards apply to each line
Watch my Balance Sheet Explainer Video:
• How To Read & Analyze ...
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All views expressed on my channel are mine alone. Not intended as financial or professional advice

[@TheBusinessHandyMan]

I love how you apply real world examples to accounting principles

[@som2590]

Really your doing Awesome Job Bill... all you videos are very useful for everyone thanks a lot mate 🙂

[@PaulZougras]

Great job Bill! I wish I had videos like this to watch when I first started studying accounting back in college. I passed my second CPA exam and am currently wrapping up the material for my third one. I would love to connect and get your take on the accounting profession as a whole. I know you worked in audit, and your wife works in tax, as do I, but any career advice would be greatly appreciated. Best of luck in 2022!

[@anandabliss9997]

Congratulations! Although as late to the dinner table as I am…I hope to be there one day as well Paul!

[@PaulZougras]

@@anandabliss9997 The main thing that I have learned from taking two exams so far is that this is a long process and is nearly 70% dedication and commitment. Only by putting time in for studying will allow you to pass those exams. Best of luck with your tests!

[@jaimeponce2758]

@@PaulZougras Nice job! I just finished school and am getting ready to study for my first part. I appreciate your advice.

[@adv.feroza.shaikh2316]

Many thanks Bill. We are an startup in US and was looking out to create Income Statement, Balance Sheet and 3 year projection myself. Glad to have revisited your video on Journal entry, and this one to create Income Statement. My best wishes. Much appreciate your hard work. Thanks.

[@anandabliss9997]

Hi Bill! Thank you for sharing your wealth of information. I appreciate your videos as you are well spoken and a great instructor. I am originally also from NY (upstate) but have since moved to warmer climates. My ultimate goal one day is to also become a licensed CPA like yourself and can only dream of being a controller! Great work!

[@RamJagtap]

You have been teaching in a simple manner which anybody can grasp in quick succession hence your all videos are extremely helpful too even non-finance guys. And added advantage to Finance people. God bless you Sir😊🙏🙌💫

[@garimagupta7660]

I just wanted to thankyou, even though i am familiar with all of this, learning it from you makes it worth my time and refreshes my knowledge. Can you please make a video on adjusting entries, amortization and depreciation. Looking forward to it.

[@sinthia28]

This is really easy and helpful.. Thank you so much.. 🎉

[@sreedeepnair6441]

Hi Bill .. learning so much from you . If you could make video on adjustment entries , depreciation and amortization would be helpful

[@mohamedkhaled8555]

Thank you for such an amazing way of teaching🖤

[@ricchrodriguez365]

Bill, BIG Thank you! for all the content you share, GREATLY appreciated! Quick question, off topic-your furniture? what brand is it? where can i find it? love the wood look

[@TheFinancialController]

Haha thank you. I don’t know the brand but bought it on Amazon

[@giovannimirante8552]

Excellent content.

[@TheFinancialController]

Glad you think so!

[@abdelhadiredouane4973]

The real love , I like accounting. So fun

[@juniormodipadiw.7215]

this is every informative I like it.

[@af7318]

I will be done with a B.S in Accounting this year with a 3.7gpa. If I want to do remote Auditing what would you suggest I do? Internship etc. Much apperciated your videos.

[@clare2002]

Love you channel...thank you for sharing such helpful info!!!

[@TheFinancialController]

Thank you so much for watching

[@ahrimaun5127]

Appreciate it, have a chance at an internship and I have been reviewing the 3 financial statements!

[@sharonragathillary7196]

Another great video. I work in a data bureau company and this video is very helpful. You're the best tutor.

[@KristenaWitherspoon]

Thank you! This video was super helpful.

[@Soulenergy31]

11:18 have u fulfilled as a company all performance obligations to earn the revenue? Thx Bill!!!! Great material as always!!! 👏👏👏👏 13:00 the Accountant job

[@vasanthanjoseph9556]

Many thanks to Bill sir, I have been keep on watching your video till today. However, I would like to know how to find cost of goods sold in manufacturing company with more excel video how to derive COGS

[@vannapple1]

Your so helping.Wish you could be my mentor

[@adammcwish6849]

where we you when i needed you hahahahah...thank god i past my accounting class

[@shashikumarbn1490]

Dear Bill, Really you are doing awesome job for accounting filed. I would request you. Would you make income statement for pure manafucture industry including adjustment. Thanks you

[@TheFinancialController]

Ok sure and thanks :)

[@楊吉蒂]

Make very clearly thanks lot

[@akufia3524]

love your content always😉

[@Katrina86]

Great! Thank you for the video 😊

[@OczyKobryable]

Hi Bill, thank you for this video. Your materials are very valuable! Have considered do quick video about revaluation with example?

[@TheFinancialController]

Great suggestion!

[@mosesebrothers6559]

I wish you could held an online class to discuss on certain topics that I need to understand

[@Wale_mo]

Nice work 👍

[@lucatintor4896]

Very good. Schematic.

[@aganadurigou7797]

Hi there, I'd like see how you calculate Asset Retirement Obligation (ARO) and it's treatment with entries in accounts.

[@susanpamelah2143]

Great Job. How do i capture goods in transit at the end of the month? if they have been paid for ?

[@deesplash7087]

Nice vid !

[@SaeedKhan-zm3zr]

Thank you brother

[@23NotoriousC]

Is ‘cost of revenue’ the same thing ‘cost of goods sold’ ?

[@shugypooh1]

Hi Bill! I have a question on the payroll. You have two types of payroll listed on the income statement. One shows up in the COGS and the other in the operating expense. I do understand why, but I don't understand the how. Like how would you record it in quickbooks so that it separates them on the p & l like this?

[@TheFinancialController]

You will need to create separate GL accounts for COGs staff payroll

[@nicole2better]

Thank you for the video. What if legal fee includes prior months services, do I need to record them to each month? It's impossible to estimate the legal fee ahead of time for patents legal fees.

[@kratosbecrazy3437]

Customer support works with the company too so why isn’t it under payroll in operating cost? So basically wouldn’t they fall under support team as well

[@nejendary]

i broke my compute gently pressing that like button

[@TheFinancialController]

:)

[@samcen2311]

Am I missing something? How does the invoice get booked later on if you already booked an accrual? Is the accrual entry to DR Accrued Expense (Expense), CR Accounts Payable (Liability) ?

[@keyatia6657]

👍

[@rey250887]

Does cost of revenues status work as COGS?

[@TheFinancialController]

Yes

[@Beautiful__lives]

year end procedure

[@rahilalabib93]

Thanks alot. But please don't add any other talk b/t teaching. You can do it at the end if it is not related to subject I think.

[@apurvasingh3219]

Hi sir I am a viewer from India I need remote job as an junior account please help me to get a job.