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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.
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⏱️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 → https://youtu.be/0–AvwZabIQ
▪ Balance Sheet → https://youtu.be/CMv1zlZhb4Q
▪ Cash Flow Statement → https://youtu.be/DiVPAjgmnj0
▪ Book Review → https://youtu.be/oNw4guzrzG4
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🔎FAQ
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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 obligated to do so, but it does help fund these videos in hopes of bringing value to you!
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#accounting #accountingstuff
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@animalstales867
Can you teach professor's how to teach?
@davidgerholdt5416
Destroyed what took me 2.5 hours to read and try to understand to 7 min and clear examples to work off of and practice. Thanks for this
@igoramaral8827
brasil
@benedictrobertmendoza6551
How did it become 20,750? I'm confused
@AsioBeatrice-s8m
What was computed to get retained earnings in the balance sheet,am confused
@NatashaSampa-pt9vr
Thank you from help me to understand 🎉
@ozmerchant
James – Why isn't the profits from the revenue and expenses not captured as part of the current assets as cash in the bank instead of capturing it as retained earnings?
@RanjinaKumari-m2t
It is really helpful ❤
@akinwole
Why is revenue not excluded from Owes 5:58
@TuralHUSEYNOV-g1b
explaining things in its most complicated way. unsubscribing for now. hope you'll make it better. good luck!
@shashinthafernando6742
Thank ♥️ it's worthy 😊
@nwabsz24s38
Sorry quick question you said put in revenue when making the balance sheet? I was told that it is only to be used in the income statement ?
@TracyChen-k7g
I didn’t realize how important tracking results was until I started using FastBull, it revealed patterns I didn’t see before
@sohaghanbari2547
awesome 👋👋👋👋👋👋👋
@AveCristusRexREX
I failed accounting countless times. I trust you to help❤
@tmurisi
How come selling expenses goes under Equity ?
@JF59122
Business is hard to understand 😅
@SoniaLee-c6d
If a business is starting are these all projections?
@SonakiZzn
Can you make a video where it has supporting notes 😢
@inesattia3502
That's awesome thanks a lot ❤
@kalinaszek
Im here solely because of memes and me being curious
@LadyZelda-v5h
I am a straight-A college student with a 4.2. I was struggling so hard in this class because the class was brutal and not helpful at all. That class was making me feel like an idiot, and now I just know it was the class. This is easy when you actually explain it like this. Thank you!!
@Giooo-f2w
Wheres capital?
@papafranku1718
First time studying account coming from a science background and my professor is clueless, thank you for this, your videos have helped me loads!
@CreuzaSantoscomamorcomunidade
I got confused on this one 😢😂
@user-hr3oe2zd5l
Thank you so much
This video was helpful
@GuestPacifista
This vid is actually well made and useful, thank you 😀 im beginning to understand a little more
@MFaheem-c6f
I am really thankful sir.❤ More amazing vedios please
@MFaheem-c6f
Sir you have explained it really well I want your lecture entire my graduation ❤
@DenmanS.M
87 thousand dollars, you mean???? That's not millions.
@diegoenriquesolanoarias477
NICE VIDEO
@mevanscpa
As a retired CPA, I often refer back to your videos. Thank you for doing such a good job!