💥 Balance Sheet Cheat Sheet → The’Balance Sheet’, or’Statement of Financial Position’ (SOFP) is one of the three major Financial Statements, along with the Income Statement and the Statement of Cash Flows. In this tutorial, you’ll learn what a Balance Sheet is and I’ll show you how to build one using a Trial Balance. 🔴 Subscribe for more Accounting Tutorials → ⏱️ TIMESTAMPS 00:00 –Intro 00:17 –Balance Sheet Definition 00:33 –What is a Basic Balance Sheet? 01:15 –What is a Detailed Balance Sheet? 02:18 –How to Make a Basic Balance Sheet 05:11 –How to Make a Detailed Balance Sheet 🔗 VIDEO LINKS ▪ Income Statement → ▪ Balance Sheet → ▪ Cash Flow Statement → ▪ Book Review → 🔎 FAQ ▪ My Favorite Accounting Book for Beginners → 🚶 FOLLOW ME ON ▪ Insta → ▪ Twitter → 🎬 LEARN ACCOUNTING BASICS FOR FREE ▪ The Full Playlist → ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not o bligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingstuff.
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The BALANCE SHEET for BEGINNERS (Full Example)
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The BALANCE SHEET for BEGINNERS (Full Example)
finance grade 9
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28 comments
⏱️TIMESTAMPS
00:00 – Intro
00:17 – Balance Sheet Definition
00:33 – What is a Basic Balance Sheet?
01:15 – What is a Detailed Balance Sheet?
02:18 – How to Make a Basic Balance Sheet
05:11 – How to Make a Detailed Balance Sheet
This explanation is the best one I have ever watched. Could not be explained concisely than this.
thank you so much I was struggling in Prin of Financial Accounting
sorry to drop this comment, but i didnt understand how you add up the earnings, as for some reason i just cant get the same result. what perplexes me the most, is what to do with the 60000, not only thet but your first result is around 87000, and then it goes to 36000, man i am lost.
Thank you so much for this good and great explanation. I have subscribed to your channel and I will keep learning with your videos.
Such a goodddd videoo!!
Should we consider Rent as an Asset or Liability?
What about a business with a lot of cash flow and profit and minimal overhead?
With everything needed paid for through retained earnings and NOT loans NO loan debts on the books?
No vendors needed for the business?
You lost me at 1:16
How did you find the equity in balance sheet
Best teacher ever for a dry subject like accounting you make learning fun
How does debit and credit fit in all this?
Perfect!
They have to be done by order meaning number order excuse me I’m drunk reply please
Thank you so much. You make it much easier than reading from the actual textbook.
Thank you sir
Always the best , God bless you
Hi James, please can you make a video on Balance Sheet Reconciliations with examples. Your explanations are just the best.
how did he get the 19700?… & that was such a helpful video thank you!!!
what do you use to edit your videos?
Excellent! Thanks
Can you make a similar video that shows how a balance sheet would work for a self-employed sub contractor with no employees? Just trying to get an idea of how bookkeeping works when most of the profit goes to paying myself…
Thank you!!! Retained freaking Earnings is what I was missing 🙂
Had just 2 lectures, and I'm already feeling the stomach ache of failing the class 😀 You're my only hope!
Okay I've been racking my brain trying to figure out something here. When you were explaining the wrong way of doing it (making a basic balance sheet) all we had to do was gather the total assets on one end and the total liabilities and equities on the other, and then (ONLY IF) we include retained earnings which is the revenues and expenses we will get the right answer.. My question, when we calculated it the wrong way by adding the equities, that being Common Stock, Opening Retained Earnings and Dividends I am NOT getting the same number you got in the video, I'm just genuinely confused about what exactly you did to those numbers to get what you got in the video, I also want to know what you did exactly in the "right" way of solving it, and by that I mean what you did exactly what the revenue and expense accounts, I'd really appreciate the help.
I’m so glad I found this channel, I’m going into the second year of my course and more confident in passing now
You are awesome James! Keep up the great work man. These videos are an amazing substitute for my Accounting courses. It's crazy how you can clear up so many things that wasn't clarified by my teacher for Financial accounting.
How about starting an account in QB with trial balance from another software?