In this episode, we will briefly discuss the four main financial statements in accounting: the balance sheet, income statement, statement of owner's equity, and statement of cash flows.
Feb 2019
16 - Closing the Books at the End of the Period (The Closing Process)
Example: You own a sole proprietorship. For this period, you had revenue of $100,000, wage expense of $40,000, and computer expense of $30,000 (net income of $30,000). You also contributed $10,000 to the business this period. Step 1 – Transfer Revenue and Expense items to Income ... Show More
11m 43s
Feb 2024
Presenting the income statement
<p>We continue our month of podcasts focused on financial statement presentation hot topics. <br/><br/>In this episode, host Heather Horn sits down with Pat Durbin, a deputy chief accountant in PwC’s National Office, and Felix Perez, a partner in PwC’s National Office specializin ... Show More
47m 8s
May 2022
009. Cash Statement and How it Links to Other Statements
<p>In this episode, we explore the cash statement, also known as the cash flow statement, and its critical role in financial reporting. We break down the three main sections—operating, investing, and financing activities—and explain how they provide insights into a company’s liqu ... Show More
7m 12s
Feb 2023
124: Understanding Your Balance Sheet Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Owner, Or Self-Employed
<p>As a business owner, you’ve more than likely heard about how important it is to review your financial statements. When most business owners think about their financial statements, they think about their income statement or their profit and loss report. It’s essential to keep ... Show More
16m 10s
Dec 2020
1: Introduction to Mastering Your Small Business Finances
<p>Welcome to the first episode of Mastering Your Small Business Finances, where we introduce to you our host and the 3 goals of this podcast as well as topics we will be discussing in future episodes such as finances, entrepreneurship, money management, leadership, bookkeeping a ... Show More
7m 1s
May 2022
007. Balance Sheet and its Three Horsemen
<p>In this episode, we explore the balance sheet, a key financial statement that provides a snapshot of a company’s financial position at a specific point in time. We introduce the “three horsemen” of the balance sheet: assets, liabilities, and equity, explaining how they interac ... Show More
2m 38s