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Financial statements 101: Balance sheet and income statement





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May 20, 2020 • 11AM EST

Why you should take this workshop: 

Find yourself getting nervous anytime investors throw around terms like "annual revenue," "monthly cash burn," or "operating margin?" As a business owner, its paramount that you understand how much money your business makes (revenue), how much money you spend (expenses), what your company owns (assets) and what your company owes (liabilities). Now more than ever, its important to understand your company's cash position and potential liabilities so you use your money intelligently and make good business decisions. Join IFundWomen and Financial Expert, Mollie Fehlig, for this workshop, in which we are breaking down how to put together your balance sheet and income statement from scratch in easy-to-understand steps!


  • 70 minutes of live class instruction from Financial Expert, Mollie Fehlig, and 20 minutes of open Q&A
  • A 1-page glossary of financial terms & startup ratios you need to know
  • A live case study of how to translate your current bank account credits and debits into lines on your balance sheet and income statement
  • Access to the live replay in the IFundWomen Workshop Library

What you will learn

  • What a balance sheet is, how to create one from scratch & how to interpret the results
  • What an income statement is, how to create one from scratch & how to interpret the results
  • How to take credits and debits from your business bank account and translate them into line items on your income statement
  • How to calculate key financial ratios that startup investors will ask for like "run rate," "burn rate," and "operating margin"

Course lessons


What are financial statements

Shed your financial fears as you learn the key pieces to putting together a financial statement: Balance Sheet, Income Statement, and Cash Flow Statement. 

Accrual vs Cash Accounting

Get an overview of the difference between accrual and cash accounting and why we'll use the accrual method of accounting for today's class.

The Balance sheet

Learn the definitions of the key line items on a balance sheet and how to determine what's an asset vs a liability. Also get a primer on how to calculate & interpret basic balance sheet ratios for investors. 

The Income Statement

Learn the definitions of the key line items on an income statement and how to categorize revenue items, cost of goods sold, and expenses! Also get a primer on how to calculate & interpret income statement terms like EBITDA!

Practice Time!

Open up a blank Google sheet, Excel document, or Airtable Base (we recommend using this one if you're looking for a financial model with line items already in place) for our live case study!

About the coach

With decades of Executive Wall Street Capital Markets leadership, Mollie Fehlig brings invaluable experience forming business & financial strategies, evaluating risk, modeling financial projections, assessing capital performance and constantly evaluating business needs. Today through Fehlig Advisory, Mollie helps founders overcome seemingly impossible business obstacles and is driven to bring more women into leadership positions by empowering them as Founders & CEOs. 

Mollie is a pioneer in holistic financial strategies that empower and support female founders and has successfully advised founders through multiple funding rounds & milestones from MVP stage- Series A.  She is also the Author and inventor of financial assessment model: “North South East West: Untangling the Business Mess”.

Prior to starting Fehlig Advisory, Mollie held senior positions at Deutsche Bank, Ernst & Young, and BNP Paribas.

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