Name: 會計1：方案3--"交易分析" (Accounting 1: Program #3 - "Transaction Analysis")
Uploaded: 2021-01-14T07:45:19.000Z
Duration: 48 min 21 s
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Hello we are back this is lecture number three I believe so we are moving right along. So

thank you for being here today for you folks watching at home, and for you folks here face

情態副詞

to face. I was slowly getting over my cold so for the thank you for the flowers and the

get will cards that have been sent my way I will pull through this thing, and I do appreciate

your well wishes. For you folks at home what we just did here for the face to facers was

what we just took a quiz, and obviously I can't give you the quiz at home. The quiz

that I gave why don't you show this on the screen, and if you're at home why don't you

just pause it , and see how well you would do on this quiz just pause it, and when you're

done taking that quiz so to speak just start it up again and you can go over the answers.

So we will go over the answers right now. So let's switch it over and I'll just what

is the accounting equation assets equals liabilities plus owner's equity or equity right. Assets

equal liabilities plus owner's equity and that always has to remain in balanced for

a company at any given point in time the assets have to equal the liabilities plus the owner's

equity. What makes equity increase? Investments of assets by the owner into the business,

and revenue right, investments of assets by the owner into the business, and revenue are

the two things that cause owner's equity to increase. The two things that cause it decrease

are just the flip side of that. Withdrawals of assets by the owners out of the business,

and expenses so I want you to have those facts real firmly cemented into your brains, because

it's going to help us, and especially today ok this is a really important lecture so I'm

glad you're watching it. One thing I wanted to remind you all of and especially for you

folks at home but even for you face to facers is you can always re-watch these I know you

loved them the first time the second time they're even better right. So if you're ever

struggling with a concept sometimes if you watch it a second time it's going to become

a lot more clear so don't hesitate to do that, that's one of the benefits of teaching in

this sort of manner. Alright, before we go over the homework I'm going to clarify something

real quick. I'm going to try to change my verbage a little bit so that it's not as confusing.

The connect the connect assignments, how many people have signed up on connect? Most of

you there's a couple that still haven't we talked about that before class at home I want

you to sign up for connect and again go to the lessons tab go to the lessons tab on angel

and you should see something there that refers to the URL and the information for homework

connect. But I want to start not calling it connect homework I'm going to try my best

and you can correct me I want to call it the connect assignments ok. So when I talk about

you need to do your connect assignment I'm not going to say connect homework I'm really

not going to try to do that I'm going to say connect assignments, because the homework

is like what I assign at the end of the hour or the end of the lecture each time and then

we go over it like what we're about to do. So I don't want you to getting you confused

you see what I'm saying? So when I talk about doing your homework that's what I assign I

usually put it up on the screen right before you leave you do it pencil and paper, textbook,

use your work papers perhaps in the back of your book, and then we go over it that's the

homework. Connect assignments are something totally separate and we actually do not go

over the connect assignments in class. They give you feedback on the computer make sense

ok? Let's go over the homework that I assigned I don't think it was real mind blowing homework

was it? So let's go over quick study one-eight boy that was a toughie wasn't it? Did you

pull an all nighter on that one? Ok we know that assets have to equal liability plus equity

so for company one on quick study one-eight on page thirty-one what do liabilities equal

ten-thousand dollars. On company two what do assets equal eighty thousand dollars? Company

three what does equity equal? Also eighty-thousand dollars correct ok good. Quick study one-seven

total assets of Caldwell Company equals forty thousand, and its equity is ten thousand so

what its liabilities thirty thousand again assets have to equal liabilities plus owner's

equity. B total assets of water world equal fifty five thousand and its liability and

its equity amounts are equal to each other. So how much are its liabilities so how much

are its liabilities twenty seven five how much is its equity twenty seven five same.

Alright so any questions on those two? Ok I think the other one I gave you is exercise

one-seven is that correct? And this is in regards of to the different types of ways

you can organize your business. So they want us to determine from the description if it's

a sole-proprietorship, a partnership, or a corporation. And when I read these I'll emphasize

in the phrasing what the giveaway was in for what type of what organization it is. A-one

pays its own income taxes and has two owners it's a corporation a corporation pays its

own income taxes. B ownership of Zeller Company is divided into a thousand shares of stock

it is a corporation, corporations have stock we didn't talk about that, but it was in your

book so I want you to be reading your book as well. C Waldren is owned by Mary Malone

and she is personally liable for the company's debts, sole-proprietorships one owner she's

personally liable sole-proprietorships. D Mike Douglas and Nathan Logan own financial

services a financial services provider neither Douglas nor Logan have personal responsibility

for the debts of financial services it's a corporation there not personally liable. E

Baily and Kay own squeaky clean a cleaning service both are personally liable to the

business so there's two owners they're personally liable partnership. Well LLC wasn't really

an option so it was just sole-proprietorship, partnership, and corporation if you had to

choose one of those three there was only one right answer, but you are correct for D LLC

would satisfy that as well if that as well if that were an option ok good. Are we on

F? Plasto products does not pay income tax and has one owner, sole-proprietorship, and

G I'm not sure why they call it E and LLC but this company does not have separate legal

existence apart from the one person who owns it it's a sole-proprietorship it's kind of

a little misleading with the name of the company, but it is a sole-proprietorship. Alright any

questions on that, any questions on that? ok great. What I want to do now I'm going

to give you a little preview of things to come on today's lecture. But once again I

want to emphasize the accounting equation let me write it here up on the screen for

you. And if I'm ever writing and you can't see it please let me know. Ok assets equal's

liabilities plus owner's equity I will abbreviate here ok and that always, always, always has

to stay in balance ok what we're going to do today and you'll see this is we're going

to start analyzing business transactions and seeing how it affects that accounting equation.

Let me give you an example start looking back at this let's say that a company got a loan

from a bank for five thousand well how will this be affected well cash which is an asset

will go up by five thousand, and what else will go up by five thousand your liabilities

correct. You went into to the bank they loaned when you are done with them you're going to

have five thousand dollars more of cash which is an asset, but you're also going to have

a liability of five thousand dollars right. Ok does that accounting equation stay in balance?

It does right if it was balanced before it is still balanced ok now let's say with that

new money let's say we purchased a one thousand dollar photo copy machine a piece of equipment

well how will that effect this accounting equation? Well our cash which is an asset

would go down by one thousand what else would change? Not an expense, because it's a fixed

asset it's a piece of equipment and our equipment would actually go up by one thousand dollars.

So one asset our cash goes down by a thousand think about that you gave them a thousand

so you have a thousand dollars less cash than when you entered the store, but you also have

this new big piece of equipment cash goes down equipment goes up looking back at that

does everything stay in balance is the accounting equation still in balance. We didn't do anything

on this side but then that effect was zero over here right everything stays in balance

that's a little preview of what we're going to talk about today, but before we do. I want

to go to a slide here and the slide is right here there are certain principles and assumptions

of accounting and all the rules of accounting are kind of based on these principles and

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會計1：方案3--"交易分析" (Accounting 1: Program #3 - "Transaction Analysis")

recognize

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revenue

sense