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Personal Income Statement - YouTube
Channel: Tabitha Chol Finance & Accounting solutions
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hey everyone welcome to my YouTube
channel my name is Tabitha today I'm
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going to talk to talk to you about
personal income statements bookkeeping
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accounting includes the recording
storing and retrieving of financial
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transaction for business or individual
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personal income statement is a listing
of individual revenues and expenses over
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a specific period of time it could be
either a year or a month. it is used to
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determine if the amount an individual
is spending is greater or less than the
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amount he or she earned personal income
statement is made up of revenue. revenue
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is a mount earned by individual
for work .he or she's home
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it could be salary and interest or
interest. expenses the money that is paid
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out by an individual for various cost
of living it could be rent electricity
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telephone bills for example Tabitha has
an employment salary of 2000 and
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interest earned 200 she has a bus
fare of 20 car insurance of 140
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and has food expenses of 325 she also
has a rent of 700 prepare personal
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income statement. steps to follow Identified
the revenue and which ones
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are expenses. revenues is like
employments which is 2000 and
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interest which is 200 and
expenses are bus fares which is
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$20 food 325 car insurance is 130 rent is
700 and when you are preparing this
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document it has many sides it's a
title which is Tabitha income statement
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for the month of December 31st 2002 and
here we have revenue revenue which which
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which include employment salary of two
thousand interests of two hundred the
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total revenue will give you two thousand
two hundred expenses when we come to
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expenses we have bus fare which is
twenty our car insurance
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130 food 325 rent is 700 so you add these
to you these four and then you get
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total expenses of 1175 so for you to get
a net income you get revenue minus
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expenses we give you one thousand
twenty-five dollars
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next page is about explaining what we
already done so explanation for the
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above table is total revenues is 2000 plus
200 which is 2200 total expenses is 20
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plus 130 plants 325 like 700
we give you one thousand one hundred and
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seventy five the net income will be
revenue minus expenses we give you two
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thousand two hundred minus one thousand
one hundred and seventy-five will give you
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one thousand one hundred and twenty five
this is the amount of net income that
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individual has thank you for watching
stay tuned like comment and subscribe
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and see you next time thank you
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