Ep 8 – What is an Income Statement Telling Me


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.



Sample Income Statement

007 – The Accounting Equation


Episode 7 – The Accounting Equation


Recorded: May 5, 2020

Released: May 5, 2020

Intro by Clive Castle

Sounds by Zapsplat


Assets = Liabilities + Owner’s Equity is a fundamental element of bookkeeping and accounting. Patrick explains why it is important and you’ll get an understanding of what happens when it doesn’t balance.

For additional understanding, please review Episode 004 on Debits and Credits, Episode 005 on Double Entry Bookkeeping, and Episode 006 on Answers to Sample Transaction Data. Reviewing these previous episodes and thinking about the effect on the accounting equation can really bring the concept home.


006 – Answers to Sample Transaction Data


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.


Answers to Sample Transaction Data

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

003 – Cash vs Accrual Methods


Episode 3 – Cash Method versus Accrual Method

Recorded: April 7, 2020

Released: April 7, 2020


In this week’s episode, Patrick talks about the two different methods of accounting: cash vs accrual. He explains the benefits of each and which one he feels is better.



002 – Chart of Accounts

Episode 2 – Chart of Accounts


Recorded: March 30, 2020

Released: March 31, 2020

Intro by Clive Castle

Sounds by Zapsplat


In this podcast’s first full episode, Patrick provides a quick message for everyone to be safe during this coronavirus pandemic. The rest of the episode is devoted to an explanation of the Chart of Accounts.