Income Statement – Felix

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Income Statement

Understand the main line items in an income statement, revenue recognition, cleaning operating profit, as well as tax and net income.

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23 Lessons (61m)

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Description & Objectives
1. Income Statement Introduction

00:56
2. Matching Principle Introduction

01:06
3. Matching Principle - Revenue Recognition

02:26
4. Matching Principle - Revenue Recognition Workout

01:53
5. Accounting for Revenue Workout

03:51
6. IS Presentation and Expenses

02:46
7. Matching Principle - Expenses Workout

02:26
8. Accounting for Expenses Workout

04:31
9. Operating Profit and EBIT

04:03
10. Cleaning EBIT and Finding Items in Financial Statements

03:57
11. Cleaning EBITDA Workout

02:07
12. Cleaning EBITDA Op Profit Not Provided Workout

02:44
13. Cleaning EBITDA With Footnotes Workout

04:28
14. Cleaning EBITDA Without Double Counting Workout

04:27
15. Cleaning EBITDA - Double Counting Depn

02:31
16. Cleaning EBITDA - Double Counting Depn Workout

03:33
17. Taxes - Marginal and Effective Tax Rates

01:58
18. Taxes - Marginal and Effective Tax Rates Workout

02:42
19. Taxes in the Financial Statements

01:07
20. Cleaning Net Income

04:05
21. Cleaning Net Income and Effective Tax Rate Workout

03:04
22. Case Study Income Statement | Interactive Video

00:00
23. Income Statement Tryout

Prev: Financial Accounting Review Next: Working Capital

Description

Understand the main line items in an income statement, revenue recognition, cleaning operating profit, as well as tax and net income.

Learning Objectives

Calculate normalized EBITDA and EBIT.
Calculate sales on credit.
Calculate cost of goods sold.
Calculate normalized net income.
5 Calculate effective and marginal tax rates.

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CPE

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CPE stands for Continuing Professional Education, by completing learning activities you earn CPE credits to retain your professional credentials. CPE is required for Certified Public Accountants (CPAs). Financial Edge Training is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.

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CPE exams do not count towards your FE certification. You do not need to complete the CPE exam if you are not collecting CPE credits, but you might find it useful for your own revision.

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Felix How to Guide walks you through the key functions and tools of the learning platform.
Playlists & Tryouts: Playlists are a collection of videos that teach you a specific skill and are tested with a tryout at the end. A tryout is a quiz that tests your knowledge and understanding of what you have just learned.
Exam: If you are collecting CPE points you must pass the relevant CPE exam within 1 year to receive credits.
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