Episode 008 – What is an Income Statement Telling Me

 

Recorded: May 19, 2020

Released: May 19, 2020

Intro by Clive Castle

Sounds by ZapSplat

 

This week Patrick dives deeper into Income Statements. They are more than just numbers on a report. They contain valuable information about activities that happen over a period of time. He explains Vertical Analysis and provides some suggestions on what to do with the information you receive after analyzing this financial statement.

 

Resources

Sample Income Statement

 

Episode 6 – Answers to Sample Transaction Data

 

Recorded: April 28, 2020

Released: April 28, 2020

Intro by Clive Castle

Sounds by Zapsplat

 

This week, Patrick provides the answers to the Sample Transaction Data that was included in last week’s show notes. If you haven’t completed the transactions yet be sure to do so before listening to the answers in this week’s episode. Let us know how well you did and whether you thought that the practice set was helpful or not.

Resources

Answers to Sample Transaction Data

Norcom 4-Column Columnar Pad – A great, inexpensive pad when practicing bookkeeping –  

Episode 4 – Debits and Credits

 

Recorded: April 14, 2020

Released April 14, 2020

Intro by Clive Castle

Sounds by Zapsplat

 

In this episode, Patrick explains the difference between debits and credits. To best understand this concept, simply remember that Debits exist on the left side of an accounting transaction and credits exist on the right side.

Debits do NOT mean Increase in every situation and Credits do NOT mean Decrease in every situation! It all depends on the type of account. For Asset accounts, Debits increase the balance and Credits decrease the balance. For Liability and Equity accounts, Credits increase the balance and Debits decrease the balance. Listen to the episode to learn more!

We have added some resources below to help you better understand Debits and Credits. Please let us know if these help. We are enjoying making these!

Debits Credits Infographic (PDF)

 

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