yo yo yo CPA strength here back with his
100th Accounting for beginners video
that's the confetti yo thanks for being
here thanks for everybody supporting
we're gonna have more fun in this one
you might do it possible another video
about about 100 ridiculous of accounting
for beginners I just want to say you
know when I made my first accounting
video accounting for a beginning video
I'm going to have like five or ten
subscribers and when I started with one
just like everybody else now up to about
sixty seven thousand subscribers but
anyways check this playlist out that's
where I have 99 other videos another
accounting for beginners videos please
like the video that's how you can
support me that's really all I ask
comment that helps the channel grow to
like and comment you could share on
social medias if this helps you also
check out my live streams I'd be doing
live streams I'm doing a 30-day push-up
challenge I had some people actually do
push-ups with me today in the live
stream so I do that a noon Eastern
anyways let's get into it
let go 100 y'all can we believe it we're
just sticking we're going to the basics
there's a lot of new people taking
accounting for the first time maybe
you've been taking accounting for a
while
and you know what we're just gonna we're
just gonna pick we're just gonna pick
this bone right now I'm just gonna we're
gonna pick this bone almost shake a
stick at this
okay that's like that's like an
accounting textbook the reason you're
here is because your accounting textbook
is so dry and you're not getting any
value from it because it's just a plus B
equals C ba ba ba one plus two equals
three bum bum ba and there's nothing no
contacts no humor no nothing about it so
I understand I I elaborate and I make
something small you know I could do this
whole video in a minute it might be five
or six seven minutes I don't know
now conversely you know you go really
fed you go really really fast in your
textbook it's like just give me the
answer like okay I got the answer Chrome
and then guess what you don't really
know it you might have been oh well this
said you don't really know it so you so
you got to relearn it so you're going
fast all the time and not really
learning anything okay maybe if you just
relax
take six seven minutes so this is like
for all of my accounting for beginners
videos pretty much I do do some fast
ones like five-minute ones but um yeah I
mean I hope you can just relax a little
bit yeah it's gonna take four or five
six seven minutes it's gonna take a lot
of extra time you know what's five six
minutes I mean come and then maybe I'll
I'll tell a story or so the way I say
something and it'll stick in your head
and then you don't have to remember this
again you don't have to relearn it you
don't have to watch the video again so
that's my little rant and anyways let's
get into this all right this one is look
this one is number 100 of course I
already mentioned the boy let's get a
bicep shot in there boy white anyways
logical liabilities equal 18,000 equity
equals 32,000 what are the assets what
are the assets hold on a second
not inconvenient or oh no I still don't
have the lighting down for this I still
don't have the lighting down I don't
like it when I'm over here really yeah
one take one take Timothy oh that's way
better brother than that way before his
big improvements right boy these
liabilities 18k equity 32k assets I'm
sorry I like to abbreviate 18,000
liabilities equity 32,000 what are the
assets and you're like you might see
your first quizzes are coming up your
first tests are coming up you're like I
have no idea about it but you have been
writing dc8 ler on your paper every day
from the from accounting for beginners
99 so you have been doing this debit
credit acent and I put withdraw that's
my new thing I wish I were to start with
that and then the expenses so and then
and then liability equity our owner's
equity in revenue so you've been d DC a
blur so you already have this now this
is mainly for journal entries but I'm
going to show you just playing a
question about this D Sailor also does
apply and it's also like a t-account too
but anyways this does apply
I'll show you look it look it has
liabilities and that's right here
equities and the question that's where
here and assets it wants to know how
much assets and assets is right here so
you have those three here you have been
knowing assets equal life oh let me say
debits equals credits always always
always so you're probably gonna have an
equal sign here okay you know I know
we're not doing that but you're like hmm
and you're just gonna it'll make I put
this is my little house right here or
this is my a building warehouse this is
a bit
office building warehouse type thing
that a business owns that's the asset I
don't want to say like what assets
assets right let's go let's go over here
so so anyways you have you have a house
and that's an asset I think you have an
office building and that's your asset
right
now I think this will over the door the
dormant window move the transposed a but
now that is your asset of office
building a house you've been writing
down different kind of assets so you can
try to think of an asset okay now
because it wants to know what are the
assets out of this equation they're like
I don't know bro I don't know bro we'll
just chill think about you you haven't
you have an office building what is
normal what is normal on an asset like
an office building you you buy a
mortgage sometimes you don't have a
mortgage if you would if you would pay
for cash for the whole business or for
the whole for the whole building right
when you started so you either
oh right you have a house you either owe
somebody either Oh a bank money or you
own it yourself right
so NASA you either oh oh somebody right
or or the biz or the building the owner
the owners of the corporation own the
building
so either you also or so either you have
you have a building either you owe
somebody a third party or or or the
owners own it
okay and now I'll say the office
building is an asset right like what's
an asset oh man he's an asset to the
team he goes fast he goes hard you know
is is a is a building an asset yeah it's
it's it's an asset it's gonna help you
it's gonna it's gonna help you make
money over the long term you know you're
gonna store stuff in there you're gonna
go there to work you're gonna transport
stuff so we can all agree on a building
as an asset what is it what is it when
you owe somebody in accounting terms you
know it'd be a liability think about a
liabilities if you can think about it
like sports terms like he is a liability
he can't he can't catch the ball you
know he's slow he's a liability for the
team now would you think now in
accounting terms and business and money
you'd be like hmm if I owe somebody some
money that's a liability for me
so owing somebody money is a liability
owing money is a liability and now if
the owners owners own it you always
think of you always hear of you know
equity in a house you know oh oh I'm
mostly equity I don't know much of a
mortgage you know mortgage would be a
liability and equity equity in the house
owner's equity that's what you have in
it but in a business that's what the
owners owned that's how much the owners
own out of the Hat out of the building
so owners of the owners own it its
equity and I need to start 20 owners
equities that makes more sense to me now
I know right after a hundred I started
putting owner's equity after
hundred okay
so you have an asset and who owns the
asset do the owners or just a third
party I guess is how you can think about
it so the basic accounting equation and
the balance sheet are both alright we're
gonna get rid of this uh he did her the
nice house
balance balance sheet and the basic
accounting equation are both just of
both the same things and its assets
equal liabilities plus owner's equity or
equity so they're its indc abler in
front of you and you can just start
circling that as well like if you want
to start writing down your DC everyday
some assets liabilities some equity I
believe I should have showed you that in
the previous video but maybe that's too
much or I forgot at the time but you can
you can circle this put an equals and a
plus so you know that's your balance
sheet well you know you need to say oh a
balance sheet well I don't want to I
don't want to abbreviate because you're
like what BS that's for that bullshit no
it's for the balance sheet okay so
assets equal liabilities plus owner's
equity assets equal liabilities plus
owner's
equity we are going to worry about
running out of time sorry for all that
so your assets is your building
liabilities
18,000 owners equity 32,000 assets equal
liabilities plus owner's equity so the
house is worth 50,000 does that does
that make sense so assets equal 50,000
and does that make sense you have a
$50,000 house you have liabilities you
owe the bank 18,000 on it and the owners
of the owners of the company own 32,000
of it so anyways I hope that helped that
was a pretty long actually and anyways
until next time I'll see you later and
this is CPA strength deuces