lol

What was it for? School or for a job?

school

Dear God

So, you're not getting paid to do it? Gawrsh...

Wow. For school? Personally, I could not do it.

Dom Portwood: Hi, Peter. What's happening? We need to talk about your TPS reports. Peter Gibbons: Yeah. The coversheet. I know, I know. Uh, Bill talked to me about it. Dom Portwood: Yeah. Did you get that memo? Peter Gibbons: Yeah. I got the memo. And I understand the policy. And the problem is just that I forgot the one time. And I've already taken care of it so it's not even really a problem anymore. Dom Portwood: Ah! Yeah. It's just we're putting new coversheets on all the TPS reports before they go out now. So if you could go ahead and try to remember to do that from now on, that'd be great. All right!

I don't know why, but as soon as I read your blog, I thought of office space

Assets = Liabilities + Stockholder's Equity

Bam!

Orlando: This is going to sound really nerdy, but I just got the most amazing explanation about that equation today by my prof.

Previously, I thought the equation in that form was just a derived way of stating owner's equity=assets-liabilities. To me, it seemed really weird to be saying assets=liabilities+anything.

But my prof said that liabilities are a creditor's claim to your assets, while owner's equity is your claim to your assets (retained earnings) and your stockholders' claim to your assets (dividends paid)\

We did journals and T accounts today and credit vs debit today, and it all started to click.