In this lesson, Nick Palazzolo, CPA, demystifies the components of inventory as they appear on the balance sheet. He breaks down inventory into its basic categories, emphasizing finished goods ready for sale and the raw materials used in the production of these goods. With a focus on understanding the asset of inventory as a whole, Nick simplifies the concept by likening it to the manufacture and sale of chairs, providing a tangible example for better comprehension. As he walks through the classification of inventory, he sets the scene for a deeper dive into the subject, offering a strong foundation to build upon in subsequent discussions.
Lesson: Inventory Classification
Instructor: Nick Palazzolo
In this lesson, Nick Palazzolo, CPA, demystifies the components of inventory as they appear on the balance sheet. He breaks down inventory into its basic categories, emphasizing finished goods ready for sale and the raw materials used in the production of these goods. With a focus on understanding the asset of inventory as a whole, Nick simplifies the concept by likening it to the manufacture and sale of chairs, providing a tangible example for better comprehension. As he walks through the classification of inventory, he sets the scene for a deeper dive into the subject, offering a strong foundation to build upon in subsequent discussions.
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Financial Statement Accounts
Module:
9 Concepts,
123 Lessons
Bank Reconciliation
2:17
BASE Formula
1:31
Trade Discounts
3:33
Bad Debt Expense
3:35
Cost Flow Methods
1:31
Inventory Summary
2:35
Land Costs
1:28
Plant Costs
3:00
Equipment Costs
3:04
Valuation Issues
1:39
Goodwill Impairment
2:27
Intangibles Summary
1:09
Current Liabilities
2:10
Notes Payable
1:08
Unearned Revenue
1:36
Long Term Debt
1:28
Equity Overview
1:14
Equity Objectives
0:55
Stockholders Rights
0:58
Types of Dividends
7:03
Equity Summary
1:10
Net Operating Losses
1:47
Income Taxes Summary
0:31
