68 - Calculation of the Income for the Fiscal Year. Accounting events, calculation of profit (Activate the subtitles)
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Turn on the subtitles to see the entries in the ledger. In this video, we will talk about the calculation of the result of the fiscal year. We will have the initial events for preparing the initial balance sheet, recording the events in the ledgers, calculating the result, filling out the DRE and the final BP (after the end of the fiscal year). (00:20) Start of activities: a) (00:25) Formation of the company with a capital of $8,000, of which $3,000 was placed in the cash register and $5,000, invested in furniture and fixtures. D: Cash ........................... 3,000 D: Furniture and fixtures .... 5,000 C: Capital ...................... 8,000 b) (00:58) Acquisition of inventory from suppliers (on installments) in the amount of $2,000 D: Inventory .................... 2,000 C: Suppliers .......... 2,000 c) (01:17) Completion of the beginning balance sheet (02:38) Events during the year and ledger entries a) (03:25) Obtaining revenue in the amount of $6,000, of which $4,000 was received in cash and $2,000 will be received on installments D: Cash .................... 4,000 D: Customers ............... 2,000 C: Revenue ............... 6,000 b) (04:14) Taxes on sales, corresponding to ICMS, with a rate of 18% D: ICMS on sales... 1,080 C: ICMS to be collected.............. 1,080 c) (04:56) Cost of goods sold, in the amount of $ 1,500 D: CMV .................... 1,500 C: Inventory .............. 1,500 d) (05:29) Accounting for administrative expenses in the amount of $ 1,000 D: Administrative expenses... 1,000 C: Cash...................................... 800 C: Salaries payable ................... 200 e) (06:21) Accounting for selling expenses, in the amount of $ 300 D: Selling expenses ........ 300 C: Accounts payable ................ 300 (06:56) Determination of the result for the year (09:01) Completion of the statement of income for the year (09:59) Closing of the equity accounts and completion of the balance sheet after the closing of the fiscal year Subjects covered: calculation of the result, profit, loss, are, demonstration of the result of the fiscal year, balance sheet, quintino, closing the balance sheet, ledgers, administrative expenses, sales expenses, double entry, debit and credit, deductions, ICMS on sales, net profit, net revenue, gross profit, accounting, taxes on sales, calculation of the result of the fiscal year, balance sheet, profit or loss
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