Financial Statement Preparation: Financial Accounting video 21

| September 10, 2012 | 0 Comments

Financial Accounting Video (#21) Watch as we use the adjusted trial balance that we prepared from our adjusting entries to construct three complete financial statements. The three financial statements that we will prepare sequentially are… – The Income Statement – The Retained Earnings Statement – The Balance Sheet Learn how to prepare financial statements correctly using Ninja Dave’s guidance. The reason we create the income statement first is to generate Net Income, which will be used to find the ending Retained Earnings balance. The Retained Earnings statement was performed second to come up with the Retained Earnings ending balance since we need that account because of it’s effect on EQUITY on the balance sheet! Feel free to skip over parts. It’s a pretty simple tutorial where I mainly transfer account balances. Make sure to “LIKE”, Subscribe and tweet us any questions :) Facebook: tinyurl.com Twitter: tinyurl.com Coming Soon: www.ninjanotes.ca
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