Income Statement For Beginners and Intermediate

In this video I walk you through the Income Statement for Spa Booker (a made up business) an online marketplace. My goal is to explain to you:

What goes into each section of the statement
The mechanism by which each item gets recorded
What adjustments needs to made to finalize the numbers
And what Accounting standards apply to each line

Watch my Balance Sheet Explainer Video:
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DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week!
All views expressed on my channel are mine alone. Not intended as financial or professional advice

[TheBusinessHandyMan]

I love how you apply real world examples to accounting principles

[adv.feroza.shaikh]

Many thanks Bill. We are an startup in US and was looking out to create Income Statement, Balance Sheet and 3 year projection myself. Glad to have revisited your video on Journal entry, and this one to create Income Statement. My best wishes. Much appreciate your hard work. Thanks.

[som]

Really your doing Awesome Job Bill... all you videos are very useful for everyone thanks a lot mate 🙂

[anandabliss]

Hi Bill! Thank you for sharing your wealth of information. I appreciate your videos as you are well spoken and a great instructor. I am originally also from NY (upstate) but have since moved to warmer climates. My ultimate goal one day is to also become a licensed CPA like yourself and can only dream of being a controller! Great work!

[mohamedkhaled]

Thank you for such an amazing way of teaching🖤

[RamJagtap]

You have been teaching in a simple manner which anybody can grasp in quick succession hence your all videos are extremely helpful too even non-finance guys. And added advantage to Finance people. God bless you Sir😊🙏🙌💫

[KristenaWitherspoon]

Thank you! This video was super helpful.

[sinthia]

This is really easy and helpful.. Thank you so much.. 🎉

[abdelhadiredouane]

The real love , I like accounting. So fun

[ahrimaun]

Appreciate it, have a chance at an internship and I have been reviewing the 3 financial statements!

[clare]

Love you channel...thank you for sharing such helpful info!!!

[sreedeepnair]

Hi Bill .. learning so much from you .
If you could make video on adjustment entries, depreciation and amortization would be helpful

[PaulZougras]

Great job Bill! I wish I had videos like this to watch when I first started studying accounting back in college. I passed my second CPA exam and am currently wrapping up the material for my third one. I would love to connect and get your take on the accounting profession as a whole. I know you worked in audit, and your wife works in tax, as do I, but any career advice would be greatly appreciated. Best of luck in 2022!

[garimagupta]

I just wanted to thankyou, even though i am familiar with all of this, learning it from you makes it worth my time and refreshes my knowledge.
Can you please make a video on adjusting entries, amortization and depreciation.
Looking forward to it.

[vannapple]

Your so helping.Wish you could be my mentor

[vasanthanjoseph]

Many thanks to Bill sir, I have been keep on watching your video till today. However, I would like to know how to find cost of goods sold in manufacturing company with more excel video how to derive COGS

[adammcwish]

where we you when i needed you hahahahah...thank god i past my accounting class

[NotoriousC]

Is ‘cost of revenue’ the same thing ‘cost of goods sold’ ?

[af]

I will be done with a B.S in Accounting this year with a 3.7gpa. If I want to do remote Auditing what would you suggest I do? Internship etc. Much apperciated your videos.

[nicolebetter]

Thank you for the video.
What if legal fee includes prior months services, do I need to record them to each month? It's impossible to estimate the legal fee ahead of time for patents legal fees.