Financial Accounting 3 – Accounting Concepts Continued

Financial Accounting 3 – Accounting Concepts Continued More Info: Financial Accounting # 1 Link – Accounting equation, debits & credits, adjusting entries, closing process, & inventory transactions. https://youtu.be/slbij2ovIf8 Financial Accounting #2 – Inventory Flow (FIFO, LIFO. . . ), Subsidiary Ledgers (AR AP), Cash & Bank Reconciliations, Allowance method (AR), Depreciation https://youtu.be/B8R7i_GhX-0 Links to points in presentation. Payroll 1:28 Payroll Introduction 7:31 Regular & Overtime Pay Calculation 12:42 20 Federal Income Tax FIT 18:59 Payroll Legislation 27:49 Payroll Consideration and Tax Forms 44:08 Payroll Periods and Time Frames 51:13 New Employee Tax Forms & Contractor vs Employee 1:08:28 Federal Income Tax FIT – Percent Method 1:16:11 Federal Income Contributions Act (FICA) 1:24:17 Social Security Tax Calculation 1:30:27 FUTA, SUTA Workers Compensation 1:35:20 Medicare Tax Calculation 1:38:51 Federal Unemployment Tax Act Calculation 1:40:26 Payroll Ethics & Practices 1:51:02 Employer Taxes Calculation 1:58:21 Employer Responsibilities and Processes 2:06:12 Payroll Expense Journal Entry 2:16:52 Payroll Tax Expense Journal Entry 2:25:09 Pay Payroll Tax Expense Journal Entry 2:34:00 Form 941 2:48:29 Payroll Controls and Documentation 2:56:41 Form 940 3:08:16 Form W-3 & W-2 3:20:13 Reconciling Year End Payroll Forms 3:29:32 Minimum Wage & Nonexempt Employees 3:35:05 Payroll Calculations 3:37:51 Overtime Calculation 3:50:45 Payroll Register 4:00:26 Fringe Benefits 4:06:34 Federal Income Tax (FIT) 4:11:56 Other Deductions & Payment Methods 4:20:04 Taxes Employer Employee 4:29:25 FICA Employer 4:34:22 Federal & State Unemployment Tax Partnerships 4:43:41 Partnerships Introduction 5:04:33 Partnership Set Up New Partnership 5:15:48 Partnership Income Allocation 5:35:52 Partnership Withdraws 5:45:55 Partnership Closing Process 5:58:15 Partnership Partner Leaves Partnership Cash Equal to Capital Account 6:01:58 Partnership Partner Leaves Partnership Cash less then Capital Account 6:09:20 Partner Leaves Partnership Cash Greater then Capital Account 6:15:45 Add New Partnership – Cash More Then Capital Account 6:25:08 Add New Partner – Cash Less Then Capital Account 6:40:34 partner sells partnership interest to a new Partner 6:50:39 Partner sells partnership interest – Cash Received Less Then Capital 6:56:14 Partner sells partnership interest – Cash Received Greater Than Capital 7:03:14 Partnership Liquidation Gain on sale of Assets 7:20:08 Partnerships Liquidation Loss on sale of Assets 7:34:05 Partnership Liquidation Partner Pays Partnership for Negative Capital Account 7:53:29 Partnership Liquidation Partner Does Not Pays Partnership for Negative Capital Account Corporations 8:13:35 Corporation Introduction 8:41:09 Stock for Cash 8:54:05 Issuing Stock for Non-Cash Asset 9:04:42 Dividends Overview 9:15:10 Cash Dividends 9:24:57 Stock Dividends & Stock Split 9:35:33 Preferred Stock Introduction 9:41:48 Preferred Stock Example 9:51:19 Treasury Stock 10:08:49 Statement of Retained Earnings 10:21:46 Corporations Statement of Stockholders Equity 10:45:47 Corporation Closing Process 11:01:35 Corporations Earning Per Share Because it’s fun. This may not be the first thing that enters everyone’s mind when asked this question, but hear me out, make an honest effort to learn the first two chapters, and then make your decision as to the validity of the statement that accounting is fun. There are, of course, many practical reasons to learn accounting including: • Accounting has been described as the language of business. Whether we work for a company or own a business accounting helps us understand the business. It can help us see the big picture. • Accounting principles are applicable to our personal finances. Whether we have a large or small amount of resources we still need to manage our personal finances. • Accounting helps with investing. When investing for things like retirement we may consider investing in stocks and bonds. Accounting helps understand the financial statements of companies to make better investment decisions. Other reasons for learning accounting, which may not be so evident, are that accounting develops critical thinking, logic, and practical decision making skills. These skills can be applied to all areas of life. Accounting also provides the same kind of a sense of satisfaction we receive when we complete a puzzle, master a new musical pattern, or play a game of checkers. We get that same shot of dopamine when we can say we figured it out and “it’s in balance”. Accounting is comparable to setting up and playing a checker game. Checkers are set up on a spreadsheet, in accordance to a set of rules, and we move the pieces in accordance to a set of rules. Once these rules are leaned the game can be enjoyable. Accounting will have a similar set of rules, a similar board, and yes, once the rules are learned, it can be enjoyable. Items needed for setting up and