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Accounting for Corporations - Financial Accounting

Name: Accounting for Corporations - Financial Accounting
Rating: 4.6 (348 reviews)

Demystifying Corporate Accounting: An In-depth Exploration of Financial Transactions in Corporations

Highest Rated

Created byRobert (Bob) Steele

Last updated 6/2023

English

English [Auto],

What you'll learn

Analyze the differences and similarities between corporations and other business entities such as partnerships and sole proprietorships.
Evaluate the financial transactions related to the issuing of corporate stock for both cash and non-cash assets.
Apply the accounting principles to record transactions related to cash dividends and stock dividends.
Explain the concept, accounting implications, and the reasons for issuing or acquiring preferred stock.
Compare and contrast treasury stock with preferred and common stock.
Interpret the equity section of the financial statements, specifically the Statement of Stockholders’ Equity and the Statement of Retained Earnings.
Demonstrate understanding of the corporate closing process in comparison to that of partnerships and sole proprietorships.
Calculate earnings per share and articulate its significance.
Create accounting solutions using Excel for various corporate accounting scenarios.

Course content

11 sections • 91 lectures • 12h 8m total length

Introduction6:33
Explore how a corporation issues common stock, handles treasury stock, pays dividends, and manages stockholders' equity, including retained earnings and the closing process in the accounting cycle.
PDF - 10 Corporation Introduction0:08
Access a downloadable pedia file to supplement the instructional video for the corporation introduction in this financial accounting course.
10 Corporation Introduction27:34
Compare the corporate form with other entities, noting its separate legal status, liability protection, and transferable ownership. Outline stockholders' equity, par value, authorized and outstanding shares, and governance.
10 Multiple Choice Questions - Corporations6:50
Examine issued stock, authorized stock, and the roles of common and preferred stock. Understand how stockholders vote for directors and how the board holds final authority.
10 Discussion Question - Corporation
Accounting Comic Break 10:15
Explore core concepts of corporate financial accounting through an engaging comic break that clarifies essential principles for corporations.

2 Issuing Common Stock for Cash1:58
Issuing common stock for cash brings initial investment from shareholders to finance future operations. Examine the issuance process, its link to trading, and practice with Excel tabs and videos.
PDF - 20 Issuing Stock for Cash0:08
Learn about issuing stock for cash in corporate financial accounting, supported by a downloadable pedia file that supplements the instructional video.
20 Stock for Cash12:56
Record a stock issuance for cash, post the entry to the trial balance, and explain how par value and market price affect common stock and paid-in capital within stockholders’ equity.
Excel Download0:05
The next presentation in the accounting for corporations - financial accounting course will include an Excel worksheet that we can download.
Worksheet - 20 Issuing Stock for Cash17:48
Record the issuance of 20,000 shares of $5 par stock for $10 cash, distinguishing common stock and additional paid-in capital while showing effects on cash and stockholders' equity.
20 Multiple Choice Questions - Corporations4:37
Explore key concepts in accounting for corporations, including identifying the primary class of stock as common stock and delineating stockholders' equity into paid-in capital and retained earnings.
20 Discussion Question - Corporation
Accounting Comic Break 20:16
Explore a comic break that explores corporate financial accounting concepts within accounting for corporations, delivering engaging, accessible insights into financial reporting.

3 Issuing Common Stock for Non-Cash1:11
Learn how to record issuing common stock for non-cash, and prepare journal entries for a corporation when stock is exchanged for assets such as equipment, using Excel worksheets.
PDF - 30 Issuing Stock for Non Cash Assets0:08
Access a downloadable pedia file that supplements the instructional video for the lecture on issuing stock for non cash assets in accounting for corporations.
30 Issuing Stock for Non-Cash Asset10:37
Record the issuance of 20,000 shares of five-dollar par stock for equipment valued at $150,000. Show how par value and additional paid-in capital affect assets and stockholders equity.
Excel Download0:05
Download the Excel worksheet included in the next presentation and access a downloadable file of the worksheet for study and reference.
Worksheet - 30 Issuing Stock for Non Cash Assets12:28
Explore how to record issuing common stock for equipment, including par value, paid in capital, and effects on the accounting equation and equity.
30 Multiple Choice Questions - Corporations6:40
Explore par value concepts, stock issuance, and the treatment of over-par value as additional paid-in capital through 30 multiple-choice questions about corporations.
30 Discussion Question - Corporation
Accounting Comic Break 30:15
Demonstrate essential financial accounting for corporations through a concise, engaging comic break that clarifies key concepts in corporate accounting.

4 Cash Dividends0:46
Explore cash dividends, including declaration and payment processes, and the journal entries to record these transactions. Use instructional videos and Excel problems with a two-tab workbook for practice.
PDF - 40 Dividends0:08
Download a supplementary pedia file to enhance the instructional video for the pdf on dividends in accounting for corporations.
40 Dividends Overview10:28
Explore how dividends distribute earnings to stockholders, differ from draws, and depend on retained earnings and cash, with a board-led declaration and a three-date, two-entry process.
PDF - 45 Cash Dividends0:08
Access a downloadable pedia file to supplement the instructional video for the next presentation in financial accounting.
45 Cash Dividends9:47
Record a $2 per share cash dividend from retained earnings using the general journal and a dividends payable liability, and analyze the effect on the accounting equation.
Excel Download0:05
Download the excel worksheet featured in the next presentation to practice financial accounting tasks hands-on.
Worksheet - 45 Cash Dividends13:19
Learn how to record cash dividends for a corporation from declaration to payment, affecting retained earnings, dividends payable, cash, and stockholders' equity through journal entries.
40 Multiple Choice Questions - Corporations8:38
Work through 40 multiple choice questions on corporate financial accounting, mastering earnings per share concepts and retained earnings, and identifying where changes appear on the statement of stockholders equity.
40 Discussion Question - Corporation
Accounting Comic Break 40:15
Explore corporate financial accounting concepts through an engaging accounting comic break, reinforcing core principles of accounting for corporations in financial reporting.

5 Stock Dividends0:32
Explore stock dividends by recording transactions and understanding what they are, with instructional videos and Excel worksheets that guide you step by step using a pre-formatted answer tab.
PDF - 50 Stock Dividends & Stock Split0:08
Access a downloadable pedia file as a supplement to the instructional video, accompanying the pdf on 50 stock dividends and stock splits.
50 Stock Dividends & Stock Split10:36
Explain stock dividends and stock splits, including uniform distributions to stockholders, how dividends reduce retained earnings and raise common stock, and how splits increase shares without altering equity.
Excel Download0:05
The next presentation includes an excel worksheet that you can download for use in your accounting course.
Worksheet - 55 Stock Dividends20:03
This lecture shows recording a 10% stock dividend: journal entries, retained earnings reduction, and the move to common stock dividend payable and paid-in capital via a worksheet.
50 Multiple Choice Questions - Corporations5:32
explain key dividend dates for corporations—date of declaration, date of record, date of payment—along with dividend liability timing and elimination strategies in multiple choice questions.
50 Discussion Question - Corporation
Accounting Comic Break 50:15
Explore core corporate financial accounting concepts through a lighthearted comic break, reinforcing how to record and report corporate finances.

6 Preferred Stock0:38
Explore preferred stock and how dividends are calculated, with instructional videos and Excel worksheets that guide data entry, step-by-step problem solving, and final answers.
PDF - 60 Preferred Stock Introduction0:08
A downloadable file supplements the instructional video, introducing preferred stock concepts in accounting for corporations, and enhances understanding of financial accounting topics.
60 Preferred Stock Introduction6:15
Compare preferred stock with common stock, noting priority in dividends and liquidation, typically no voting rights, and the concept of dividends in arrears.
PDF - 65 Preferred Stock Example0:08
Access a downloadable pedia file that supplements the instructional video for the 65 preferred stock example in this accounting for corporations course.
65 Preferred Stock Example9:31
Examine how preferred stock and common stock influence dividend distributions, arrears, and year-by-year outcomes using a table, with board decisions and par value guiding the process.
Excel Download0:05
Download an Excel worksheet featured in the next presentation to support financial accounting for corporations.
Worksheet - 65 Preferred Stock10:07
Explore how to allocate dividends between common and preferred stock using a worksheet, compute full versus arrears preferred dividends, and analyze multi-year declarations with par values and dividend rates.
60 Multiple Choice Questions - Corporations6:40
Analyze corporate accounting multiple choice questions, focusing on stock dividends and treasury stock, using the process of elimination to verify journal entries. Clarify how retained earnings are affected.
Short Calculation 17:19
Learn to calculate outstanding shares, interpret paid-in capital and retained earnings, and compute book value per share while analyzing stock dividends and treasury stock effects.
60 Discussion Question - Corporation
Accounting Comic Break 60:16
Explore corporate financial accounting topics in accounting for corporations, with accounting comic break 6 offered as a concise, engaging segment.

7 Treasury Stock0:37
Explore treasury stock concepts and how to record them, guided by instructional videos and pre-formatted Excel worksheets with answer and practice tabs to walk through problems step by step.
PDF - 70 Treasury Stock0:08
Access a downloadable pedia file that serves as a supplement to the instructional video. Use this resource to reinforce concepts covered in accounting for corporations.
70 Treasury Stock17:30
Explore treasury stock, including recording purchases and sales, and track effects on equity, dividends, paid-in capital on treasury stock, and retained earnings.
Excel Download0:05
Download the excel worksheet included in the next presentation to enhance your learning in accounting for corporations.
Worksheet - 70 Treasury Stock Part 1%2C how to calculate-Accounting%2C Financial15:32
Learn to record treasury stock purchases and sales, post journal entries to a trial balance, and manage dividends payable and retained earnings in equity.
Worksheet - 70 Treasury Stock Part 2%2C how to calculate-Accounting%2C Financial14:51
Explore treasury stock calculations, recording cash proceeds, adjusting treasury stock, paid-in capital, and retained earnings, and understanding dividends and related journal entries in corporate financial accounting.

8 Statement of Stockholders' Equity & Retained Earnings0:49
Explore the statement of stockholders' equity and retained earnings, guided by instructional videos, and build these statements in a two-tab excel worksheet with a step-by-step practice tab.
PDF - 80 Statement of Retained Earnings0:08
Access a downloadable pedia file to supplement the instructional video on the statement of retained earnings.
80 Statement of Retained Earnings12:57
Explore how the statement of retained earnings tracks net income minus dividends over time, contrasting corporate stockholders' equity with sole proprietorship and partnership equity.
Excel Download0:05
The next presentation includes an Excel worksheet that you can download, aligning with the accounting for corporations financial accounting course.
Worksheet - 80 Statement of Retained Earnings11:39
Construct the worksheet for the statement of retained earnings by linking the trial balance with the equity section, calculating net income, accounting for dividends, and deriving ending retained earnings.
PDF - 90 Statement of Stockholders' Equity0:08
Access a downloadable pedia file to supplement the instructional video on stockholders' equity, reinforcing concepts in financial accounting for corporations.
90 Corporations Statement of Stockholders Equity24:01
This lecture explains the corporate statement of stockholders' equity, detailing common stock, paid-in capital, and retained earnings, and shows how net income and dividends update equity.
Excel Download0:05
Access and download the Excel worksheet featured in the next presentation to reinforce financial accounting concepts for corporations.
Worksheet - 90 Statement of Stockholders' Equity17:13
Learn to assemble a simplified statement of stockholders' equity from a trial balance, emphasizing retained earnings, common stock, paid-in capital, and dividends, with net income closed to retained earnings.
Short Calculation 210:10
Analyze issuing 250 shares of 5 par value common stock to record a 3300 bill, then track treasury stock activity and compute dividend yield.
70 Multiple Choice Questions - Corporations7:06
Explain how a corporation may issue additional shares to stockholders without payment, resulting in a stock dividend that transfers value from retained earnings to common stock within equity.
70 Discussion Question - Corporation
Accounting Comic Break 80:16
Explore corporate financial accounting concepts through accounting comic break 8, part of the accounting for corporations course.
Accounting Comic Break 90:16
Explore financial accounting for corporations through the accounting comic break 9, offering engaging, concise insights aligned with the accounting for corporations course.

9 Closings Process Corporations0:45
Explore the closing process for corporations, contrasting it with sole proprietorships and partnerships to highlight differences, and practice with instructional videos and Excel worksheets featuring answer and practice tabs.
PDF - 95 Closing Process - Corporation0:08
Access a downloadable pedia file to supplement the instructional video on the closing process for corporations.
95 Corporation Closing Process15:48
Explore the four-step closing process for corporations, moving revenue and expenses to income summary, then net income and dividends to retained earnings, and compare to the statement of retained earnings.
Excel Download0:05
Download an excel worksheet included in the next presentation to practice financial accounting tasks for corporations.
Worksheet - 95 Closing Process - Corporations19:40
Walk through the four-step corporate closing process using a worksheet and journal entries to move revenue and expenses to the income summary, then to retained earnings, with dividends.

10 Earning Per Share0:39
Explore the earnings per share calculation and its purpose through step-by-step instruction, including instructional videos and Excel worksheets with answer and practice tabs.
PDF - 100 Earning Per Share0:08
Access a downloadable pedia file to supplement the instructional video for accounting for corporations, focusing on earning per share concepts.
100 Corporations Earning Per Share7:29
Compute earnings per share by dividing net income by the weighted average common shares outstanding to assess stock value, while noting EPS does not guarantee dividends.
Excel Download0:05
Download an Excel worksheet from the upcoming presentation to practice corporate financial accounting tasks and apply it to your coursework.
Worksheet - 100 Earning Per Share7:13
Calculate earnings per share using net income minus preferred dividends divided by weighted average common shares outstanding, illustrated with trial balance data and step-by-step paper-and-calculator methods.
80 Discussion Question - Corporation
80 Multiple Choice Questions - Corporations5:19
Explore multiple choice questions on treasury stock in corporations, clarifying that it is not an asset but a contra equity account with a debit balance, reflecting a buyback of stock.
Accounting Comic Break 100:15
Delve into accounting for corporations through financial accounting concepts, using the accounting comic break 10 to reinforce practical skills in corporate financial reporting.

Requirements

Basic Accounting Knowledge: An understanding of the fundamental principles of accounting, including understanding of the accounting equation, the double-entry bookkeeping system, and familiarity with financial statements such as the balance sheet, income statement, and cash flow statement.
Understanding of Different Business Entities: Basic knowledge of different types of business entities, such as sole proprietorships, partnerships, and corporations.
Willingness to Participate: Willingness to engage in discussions and solve problems. This is not a 'listen and learn' course; active participation will greatly enhance your learning experience.

Description

This course is designed to introduce and elaborate on the elements of corporate accounting that set it apart from financial accounting for other business entities such as sole proprietorships or partnerships.

Our journey begins with an overview of the corporate entity, its characteristics, and the rationale for choosing this form of business. We will provide you with a thorough understanding of the stark contrasts and similarities between corporations, partnerships, and sole proprietorships.

As we delve into the intricacies of issuing stock for corporations, you will learn about the financial transactions related to issuing stock for both cash and non-cash assets. With a focus on dividends, you will gain insight into the different types, specifically cash and stock dividends, and learn how to account for these transactions.

One of the key components we will explore is preferred stock. You will understand what it is, how to account for it, and the reasons why a corporation might choose to issue, or an investor might decide to acquire it. We will discuss treasury stock, another important concept, where you will learn to compare and contrast it with preferred and common stock.

Further along the course, you will discover the equity section of financial statements. Here we will dissect the Statement of Stockholders’ Equity and the Statement of Retained Earnings, helping you to understand the unique aspects of a corporation's financial statement compared to other business entities.

Our detailed discussion on the corporate closing process will provide a comparative view with that of partnerships and sole proprietorships. Understanding the calculation and significance of earnings per share is another crucial aspect that this course covers.

A unique aspect of this course is the vast array of learning resources available to you. We have incorporated downloadable PDF Files which provide offline reference information. You will have access to Excel Practice Files that are preformatted, helping you to not only focus on the adjusting process but also to learn some of the basics of Excel such as addition, subtraction, and cell relationships.

To boost your test-taking skills, we have prepared multiple-choice example questions. These reduce the information to the size and format of multiple-choice questions while providing insights on how to approach them. For those interested in numerical problem-solving, we have short calculation questions that break down problems into a short format that could be used in multiple choice questions.

Lastly, this course promotes engagement with other students through discussion questions. These provide an opportunity to discuss topics from different viewpoints, an approach that many students find very helpful.

The instructor leading you through this journey is a seasoned professional, a practicing Certified Public Accountant (CPA) and a Chartered Global Management Accountant (CGMA) with a Master of Science in Taxation. As a Certified Post-Secondary Instructor (CPS) and a Curriculum Development Expert, the instructor has rich experience teaching many accounting classes and working with students in the fields of accounting, business, and business applications. This blend of technical expertise and teaching experience ensures that you are learning from a well-rounded professional who knows the subject matter and understands how to teach it effectively.

Whether you're an accounting student, a budding entrepreneur considering a corporate entity, or an accounting professional seeking to upskill, this course will provide you with valuable insights and knowledge in the field of corporate accounting. We look forward to having you join us on this journey.

Who this course is for:

Accounting Students: This course is a great fit for undergraduate or graduate students who are specializing in accounting. It can serve as a supplement to their formal education and provide practical, hands-on experience.
Business Owners/Entrepreneurs: If you are considering establishing a corporation, this course will provide a solid understanding of the accounting principles and practices specific to this type of business entity.
Accounting Professionals: For professionals already working in the field, this course can serve as a refresher or provide deeper insight into the specific aspects of corporate accounting. It's also ideal for those looking to shift into a role that deals with corporate accounting.
CPA Candidates: If you're studying for your Certified Public Accountant (CPA) examination, this course can be a valuable resource. It will help deepen your understanding of corporate accounting, a key area tested in the exam.
Financial Analysts: Those working in finance or investment who wish to gain a better understanding of corporate accounting to better analyze corporate financial statements will also benefit from this course.
Anyone interested in Corporate Accounting: Finally, if you're a lifelong learner with an interest in corporate finance, this course will provide an in-depth look into the intricacies of corporate accounting.

Accounting for Corporations - Financial Accounting

What you'll learn

Explore related topics

Course content

Introduction5 lectures • 41min

Issuing Common Stock for Cash7 lectures • 38min

Issuing Common stock for Non-Cash7 lectures • 31min

Cash Dividends9 lectures • 44min

Stock Dividends7 lectures • 37min

Preferred Stock10 lectures • 41min

Treasury Stock6 lectures • 49min

Statement of Stockholders’ Equity & Retained Earnings13 lectures • 1hr 25min

Closing Process - Corporation5 lectures • 36min

Earnings Per Share7 lectures • 21min

Requirements

Description

Who this course is for: