Name: 会計1: プログラム#5「財務諸表 (Accounting 1: Program #5 - "Financial Statements")
Uploaded: 2021-01-14T07:54:15.000Z
Duration: 50 min 33 s
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Hello here we are again. We are in the fifth lecture I think if you count the intro one.

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Moving right along I want you to notice that we are really kind of just building we just

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continue to build our foundations right. One of the first things we learned is the accounting

equation what makes equity goes up and what makes equity goes down right. And then we

started learning transaction analysis and now last lecture we started talking about

creating the financial statements. Mainly the income statement stamen of equity balance

sheet correct so we're just building on each other right? The next lecture this is a good

one too but the next one is a very important lecture so be make sure you are here for my

face to facers and for you at home make sure watch that whole thing you might even want

to watch it more than once, because we going to do some major stuff in lecture number six.

But let's take care of lecture number five first alright so let's go through the homework

real quick now one homework that I don't believe I had got to last time was exercise one eight

is that correct exercise one eight I had not got to. Let me get a piece of paper out here

so let's go through exercise one eight real quick. This kind of test our knowledge of

the accounting equation. Ok office mart has assets equal to a hundred and twenty three

thousand and liabilities equal to fifty three thousand at year end. What is the total equity

of office mart at year end what do you think? Seventy thousand now that one wasn't too tough

was it? Now the next two and I think I kind of alluded to this last lecture. We want to

focus on the accounting equation assets equals liabilities plus owners' equity correct. And

we know that needs to be true at the beginning of the year at the ending of the year so let's

read exercise one eight B and let's kind of put in the information as we read it. At the

beginning of the year Logan's company assets are two hundred thousand so let's put two

hundred thousand in there and its equity is one fifty correct. Well we know liabilities

don't we? What are the liabilities fifty ok? During the year assets increase seventy thousand

so there must be two seventy at the end and liabilities increased by thirty thousand so

liabilities go up by thirty thousand is that correct? Fifty plus thirty is eighty so we

now know owner's equity because that has to equal that plus that correct? So what is owner's

equity one ninety so does that equal that plus that yup does that equal that plus that

yup does that plus that equal that does that plus that equal that and how much did owners'

equity increase by then? Plus forty thousand does that equal that plus that it's like a

puzzle isn't it? Ok has to work like this has to work like this it's like a Sudoku puzzle

right? Jake you can do these on a date with your date you can do this all Friday night

this would be fun wouldn't it? Do puzzles together counting puzzles that be great ok

so. Questions on that one? Ok let's do another one let me see if I have another piece of

paper here. Let see if I can just lay that over. At the beginning of the year were on

C on exercise one eight C at the beginning of the year carrot companies liabilities equal

sixty thousand during the year assets increased by eighty thousand and at year end the assets

equal one eight thousand right? Ok well let's start filling in what we know what plus eighty

equals one eighty this is a hundred right? Well that equals that plus what forty ok let's

see what else they tell us liabilities decrease by ten thousand dollars during the year correct?

So liabilities go down by ten thousand so sixty minus ten equals what fifty? So what

does owner's equity have to equal one hundred and thirty forty plus what equals one thirty

ninety ok well does equal negative ten and ninety yeah it does doesn't it? Ok see how

those work ok I usually have one or two of those on the tests to see if you really understand

Kara? So instead of putting an actual minus sign you'll actually do brackets? Yeah, yeah,

yeah I will do both so a lot of times I will use the brackets to indicate minus or deducted

from cool? That is exercise one eight ok. Ok let's take a look then at quick study one

twelve quick study one twelve okey doke now I will have a test question like this I guarantee

I think another skill we want to have is to look at a account and know what financial

statement it goes on to look at an account and look on what financial statement it goes

on. Matter of fact when students come into my office regardless of their accounting class

they're taking. I always like to do things to kind of assess to see how strong their

foundation is in accounting and the first thing and one of the first thing I'll ask

of this let me give you some accounts tell me what financial statement they're on and

if they don't know how to do this then I know we have work to do. This is one of those fundament

things that you want to have ok. Quick study one twelve indicate which financial statement

will appear income statement, balance sheet, statement of owner's equity, or the statement

of cash flows not real concerned about the statement of cash flows, because you're not

going to prepare in this class I want you to know it exists but that's about it. Ok

assets go on what? Assets on the balance sheet. On quick study one twelve revenues goes on

what? income statement what does the liabilities go on? Balance sheet equipment goes on the

balance sheet. Withdrawals? Statements of owner's equity, statement of owner's equity

for withdrawals. Expenses goes on the income statement. Total liabilities and equity balance

sheet. Cash from operating activities actually goes on the cash flow statement I don't expect

you to know that. The net increase and the decrease in cash also goes on the cash flow

statement I'm not so concerned that you know about that ok. What if one of the choices

would've been ending balance of owner's capital what would the answer be? Ending balance of

owner's capital actually there's two of them right? It's the last line of your statement

of equity and then it also flows over to the balance sheet. So the ending balance of owner's

capital actually shows up on two financial statements. Statement of equity and the balance

sheet remember how these things flow income statement, statement of equity, balance sheet

have to prepare them in that order, and that's what we're going to do now right. How did

you guys do on exercise one fourteen one fifteen one sixteen cool? Here's what I want to do

this is kind of a simplified this is probably the most simplest example that you'll do and

I'll tell you why here in a second. But here is why here's kind of the process I encourage

students to utilize when they have a problem like this. Is to go through each of these

items or accounts before you start doing the financial statements and decide what financial

statement they go on. So let's take a look here cash is on the balance sheet is that

correct? as is accounts receivable supplies land office equipment accounts payable all

of those or on that balance sheet correct? Now see they made it easy for you because

they kind of grouped everything together. We're start working on one today that's not

as easy, but they grouped everything together as far as what financial statement it goes

on. Now owner's investment and let's assume that those were made on the second or the

third of October that would go on what? Statement of owner's equity what about the cash withdrawals

by owner? Statement of owner's equity correct? Consulting fees earned that's another sort

of terms for revenues that goes on the income statement as does renting expense, salaries

expense, telephone expense, miscellaneous expense those all go on the income statement

ok. Now as we prepare those financial statements which one are we going to start with? The

income statement and as you utilize these or as you put these on one of the financial

statements put a little check number or circle the account that you know it ended up somewhere.

So let's take a look at exercise one fourteen the answer ok. Alright ok so were going to

use which ones on the income statement? That one that one that one that one and that one

correct? And the income statement looks like this ok. That's what the income statement

looks like I'm going to make some comments in but I first want you to take a look at

it see if you're numbers are right. Ok let me make some comments about it first of all

its prepared in proper form or good form isn't it. You have the name of the company the name

of the statement and it's dated properly don't just put October thirty one put for the month

ended October thirty one now they didn't give us a year or you would have put that as well.

Now they have their revenues and then they have their expenses common question is well

what if my expenses are in a different order that's completely fine you know they obviously

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会計1: プログラム#5「財務諸表 (Accounting 1: Program #5 - "Financial Statements")

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