Video instructions and help with filling out and completing Where Form 8815 Transaction

Instructions and Help about Where Form 8815 Transaction

Hello we are back this is lecture number 3 I believe so we're moving right along thank you for being here today for you folks watching at home for you folks here face to face I'm slowly getting over my cold so for thank you for the flowers and they get well cards that have been sent my way I will pull through this thing and I do appreciate you your well wishes for you folks at home what we just did here for the face to facers was we just took a quiz and obviously I can't give you the quiz at home the quiz that I gave once you show it on the screen and if you're at home why don't you just pause it and see how you would do on this quiz just pause it and when you're done taking that quiz so to speak just start it up again you can go over the answers so we will go over the answers right now okay so let's switch over and I'll just what is the accounting equation assets equals liabilities plus owner's equity or equity right assets equals liabilities plus owner's equity and that always has to remain in balance for company at any given point in time the assets have to equal the liabilities plus the owner's equity what makes equity increase investments of assets by the owner in to the business in revenue right investments of assets by the owner into the business and revenue are the two things that cause the owner's equity to increase the two things that cause it to decrease are just the flip sides of that withdrawals of assets by the owner out of the business and expenses okay so I want you to have that those facts real firmly cemented into your brains because it's going to help us especially today ok this is a really important lecture so I'm glad you're watching it alright one thing I want to remind you all of and especially for you folks at home but even for you face to facers is you can always rewatch these okay I know you love them the first time the second they're even better right so if you're ever struggling with a concept sometimes if you watch it a second time it's going to become a lot more clear okay so don't hesitate to do that that's one of the real benefits of teaching in this sort of manner all right uh before we go over the homework I want to clarify something real quick I'm going to try to change my verbage a little bit so that it's not as confusing the connect the connect assignments how many people have signed up on connect okay most of you there's a couple that still haven't we talked about that about for class at home I want you to sign up for connect and again go to the lessons tab or go to the lessons tab on Angel and you should see something there that refers to the URL and the information for homework Connect but I want to start not calling it connect homework I'm going to try my best and you can correct me I want to call it the connect assignments okay so when I talk about you need to do your connect assignment I'm not going to say connect homework I'm going to really try not to do that I'm going to say connect assignments because the homework is like what I assign at the end of the hour or the end of the lecture each time and then we go over it like we're getting ready to do so I don't want you getting confused you see I'm saying so when I talk about doing the homework that's what I assign I usually put it up on the screen right before you leave you do it pencil and paper textbook use your work papers perhaps in the back of your book and then we go over that's the homework connect assignments or something totally separate and we actually do not go over the connect assignments in class they give you feedback on the computer make sense okay let's go over the homework that I assign I don't think it was real mind blowing homework was it so let's go over quick study one eight well that was a toughy wasn't it you pull an all-nighter on that one okay we know that assets have to equal liabilities plus equity so for company one on quick study one eight on page 31 what do liability equal $10,000 on company - what do assets equal $80,000 company three what is equity equal also $80,000 correct okay good quick steady one seven total assets of Caldwell company Caldwell company equal 40,000 and its equity is ten thousand so what's its liabilities thirty thousand dollars again asset test equal liabilities plus owner's equity B total assets of Waterworld equal fifty five thousand and its liability and equity amounts are equal to each other so how much are its liabilities twenty seven five how much is its equity twenty seven five same alright so we need to quit any questions on those two okay I think the other one I gave you was exercise one seven is that correct and this is in regards to the different types of ways you can organize your business so they want us to determine from the description if it's a sole proprietorship partnership or corporation and when I read these I'll emphasize in the in the phrasing what the giveaway was for what type of organization it is a one pays its own income taxes and has two owners to corporation corporation pays its own income taxes B ownership of zeller company is divided into a thousand shares of stock it is a corporation corporations have stock we didn't talk about that but it was in