Absorption Costing versus Variable Costing

In this video, the difference between Absorption Costing and Variable Costing are described. In addition, an example of a Gross Profit Income Statement (Absorption Costing) and a Contribution Margin Income Statement (Variable Costing) is demonstrated.

The Classified Balance Sheet

In this video, I discuss what a classified balance sheet is and how to create one. In addition, I discuss two liquidity ratios: the Current Ratio and the Debt Ratio.

• The Classified Balance Sheet and Liquidity Ratios (Current Ratio & Debt Ratio)

https://youtu.be/7U1a94hF4LE

The Closing Process

In this video, the closing process is explained and why it is needed. Examples are used to show the journalizing and posting of closing entries. https://youtu.be/AvQb1QgtoW4

Adjusting Entries, the Worksheet and the Financial Statements

 

In this video, we continue to review adjusting entries (journalizing and posting) and moving that information to the worksheet and then producing financial statements; specifically, the income statement, the statement of retained earnings and the balance sheet. There is a short discussion on how the financial statements are "linked" together. https://youtu.be/ESdeYMoA8Vk

Adjusting Entry Examples

 https://youtu.be/o7oomc3INjE

Accrual Accounting and Adjusting Entries

 I recently uploaded a new video lecture on Accrual Accounting versus the Cash-Basis of Accounting. In addition, the video explains the five adjusting entry types and examples of each. Check it out!

There’s always FREE cheese in a mouse trap!

STOP BEFORE YOU BLOW THAT STIMULUS CHECK & READ THIS PLEASE!!!! JUST A BIT OF HELP!!

Repost from the Dave Ramsey financial group

“GOVERNMENT STIMULUS CHECK INFORMATION

BE WISE MY FRIENDS...
BE WISE.......

So here’s what’s up:

1. To Tenants: If the government says you don’t have to pay your rent and there’s a ban on evictions, you better do whatever you can to pay your rent. There will be major repercussions when eviction bans are lifted. Don’t think you’ll get a free ride out of this.
PAY YOUR RENT! Your landlord has bills to pay too.

2. To Homeowners: If the government tells banks to stop mortgage payments, DO WHATEVER YOU CAN TO PAY YOUR MORTGAGE!. Some lenders are saying you don’t have to pay for 3 months, but on the 4th month, all four payments are due in full. Do not take a chance and not pay. Major foreclosures will come from all this. The banks didn’t help homeowners in 2008-2009 and in 2020, it’s still the same.

Pay your mortgage.

3. If the utility company suspends payments, you better pay any amount you can! They are like banks, they will want their money eventually and when all this clears up, you’ll owe an exorbitant bill and still won’t have any utilities. Pay whatever you can.

4. If you get a government stimulus check, this check is to help pay your bills. That means you pay your rent, your mortgage, your utilities, your insurance, your car payment, your bills.
This is not for frivolous spending.

5. The real problem is, many who will get the stimulus check....won’t pay their bills then will be crying and wailing saying
“They evicted me. They cut off my power, they repossessed my car...”
All while you’re broke and carrying that empty purse you bought with your stimulus check.

PAY YOUR BILLS!!!!

There’s always FREE cheese 🧀 in a mouse 🐁 trap!