Balance sheet and income statement relationship

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Balance sheet and income statement relationship발음듣기

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Let's see if we can use our example to understand the three types of income statements, and hopefully understanding those income statements will also help us understand this example.발음듣기

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So I'm going to start off - we're going to focus on month two.발음듣기

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And what I have done is I've just rewritten some of this accrual income statement down here.발음듣기

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So it really looks like a statement.발음듣기

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So this right here is the income statement for month two on an accrual basis.발음듣기

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In that month, we said we had $400 of revenue, $200 of expense.발음듣기

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400 minus 200 gives us $200 of income.발음듣기

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An income statement tells us what happened over a period of time.발음듣기

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What was the activity - how much revenue, how much expenses, and other things.발음듣기

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This is just a super simplified one without taxes, without interest, without other types of expenses over here.발음듣기

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I also have drawn the balance sheet at the end of month one and the balance sheet at the end of month two.발음듣기

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Or you could also view this balance sheet here as the balance sheet at the beginning of month two.발음듣기

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And the main thing to realize is income statement tells you what happens over a time period, while balance sheets are snapshots, or they're pictures at a given moment - snapshots.발음듣기

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So this tells us essentially what did I have.발음듣기

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The assets are the things that can give me future benefit, so what do I have.발음듣기

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And the liabilities are things that I have to give future benefit to, or things that I owe.발음듣기

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So this is what I have.발음듣기

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This is what I owe.발음듣기

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And then the equity is what I really have to my name if I net out the liabilities from the assets.발음듣기

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So at the beginning of month two - which is the end of month one - I had $100 of cash, no accounts receivables.발음듣기

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I didn't owe anyone anything.발음듣기

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I didn't owe them money.발음듣기

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I didn't owe them services.발음듣기

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So 100 minus 0 means I had $100.발음듣기

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That's kind of what the owners of the company can say they have of value at the beginning of the month.발음듣기

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You fast forward - now at the end of month two - I now owe the bank $100.발음듣기

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So I just put this as negative $100 here.발음듣기

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It normally wouldn't be accounted that way on an actual company's balance sheet, but this is simplified.발음듣기

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But I have an accounts receivable of $400.발음듣기

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So my total assets now are $300 of assets.발음듣기

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And remember, accounts receivables are an asset because someone owes me something.발음듣기

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Someone owes me cash in the future.발음듣기

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I still have no liabilities.발음듣기

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So you take all of your assets, minus all of your liabilities, and now I have $300 in equity.발음듣기

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So you can see the snapshot at the beginning of the month, 100 in equity.발음듣기

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Snapshot at the end of the month, 300 in equity.발음듣기

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And so to go from one point to the other, to go from 100 to 300, I must have grown in equity by 200.발음듣기

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I must have gotten $200 worth of value from someplace.발음듣기

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And that's what the income statement describes.발음듣기

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It describes it right over here.발음듣기

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The change in equity, sometimes it's the change in returned earnings or just change in equity.발음듣기

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That is going to be the $200 in net income that the company got over that time period.발음듣기

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Now, there's one thing that you're probably confused by right now.발음듣기

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It's like, well, how do we reconcile everything with the cash?발음듣기

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We know that over this period we got $200 in income on an accrual basis.발음듣기

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But when you look at the cash, we went from $100 positive cash, to negative $100 in cash.발음듣기

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It looks like we lost $200.발음듣기

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So how can we reconcile the fact that we got $200 in income?발음듣기

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How can we reconcile that with the fact that we lost $200 in cash?발음듣기

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And that reconciliation is going to be done on the cash flow statement.발음듣기

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And I'll do that in the next video.발음듣기

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