⏱️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
Bro my professor tells us to make group presentations and lets my classmates and I teach/present to eachother while he scrolls through tiktok😭 Like damn, if i knew this was the case, I wouldn't have enrolled and just go to the public library. Less time and money wasted
Just wanted to say THANK YOU, a year ago I got a job because of you, as one of your videos ended-up having all the answers to the questions the interviewer asked me : D. I laughed inside during the interview as I said " this guy saved my a**"
You genuinely breathe life into your educational accounting content. It can be a pretty dry subject to teach and learn, but you have found the secret to making it exciting and easy to learn. Great job!
Damn, literally explained everything I needed to know about balance sheets in a 7 min video, waaaaay better than my uni lecturer did in 1.5 hours. Engaging, clear and concise!!! 10/10 from me. :)
I will be taking Accounting this spring for my MBA here in Canada and your teachings have been absolutely brilliant. I am certain to have the best result!!
James! Your videos are one of the most useful things in learning accounting! They have helped me a lot and I am very grateful for your channel! I wish all the bests to you! I hope this channel booms in popularity as anyone needs some basic accounting info to be financially literate!
Your videoes are life-saving. Also thanks for your book suggestion "The Accounting Game" which I enjoyed reading. It helped me a lot to with the basics.
Thank you for these videos, really makes a difference. Ive been taking business classes for years and these videos make me realize they dont teach hands-on experience. Thank you again
Im currently doing a Bachelor of Commerce (majoring in accounting and Corpfin) in Aus and I wanted to say that your videos are really helping me get through... you make such a dry subject more understandable and enjoyable! The visual learning really assists those like me who suck at auditory learning! Thank you so so much!
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.
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.
Hi, I just wanted to add that I had the same problem. I was also very confused about it, but I also concluded that James might have miscalculated. I'm glad he confirmed it here though, thanks so much James for your invaluably helpful content
Hi, James. In 4:05 the Equity is 10,050. However, if I added three items in Equity is 1,050+11,050-1000 =11,100. So is it a wrong number? However, if I add all the Equity, Revenue, and Expenses as the total Equity, the answer is 20,750. It matches what you show in the video. Thanks!
@@AccountingStuff Thank you for your quick response. I have learned a lot from your channel. I really appreciate it. Hope you will produce more educational & professional videos. Best wishes.
Well, I think I've watched enough of your videos for this week of class for you to earn a sub. Thanks. Not sure if I'm doing it all to my professor's liking, at least I'm not totally lost now.
Always nice diagrams with movements that make the tutorial exciting. Also, nice idea putting the "wrong way" to create the B/S. It's these conceptual details that need to click. Great job making this vid!
Hi, To make the equation equal (Assets = Liabilities + Equity), can we calculate one term of lability from the asset and equity. For example in your spreadsheet Accrued expenses = Total Assets - other labilities - Equity and then we can use this value as Accrued Expenses to equalize the equation. I would appreciate if you explain the trick on how to equalize the equation. Thanks in advance.
In theory, mathematically, yes if you calculated All assets - All liabilities [except Accrued Expenses) - All equity, you should get the value that you currently see in the balance sheet as Accrued Expenses.
