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1 a liability in the balance sheet and 2 a revenue in the income statement.
Is unearned revenue on the income statement. When we register for an annual subscription of our favorite magazine the sales received by the company is unearned. The average employee of Winthrop Corporation earns gross pay of 60000 per year. Edit with Office GoogleDocs iWork etc.
Is unearned revenue a liability. Unearned revenue is recorded on a companys balance sheet as a liability. Correspondingly how much unearned income is taxable.
In accrual accounting is payment received by a company from a customer for products or services that will be delivered at some point in the future. The liability will be removed and then the generated amount is booked as revenue in the income statement. However when the products or services are delivered to the customer the company will reclassify the current liability in revenue in the income statement of the company.
D Appears on the balance sheet as a liability. Unearned income is income that is not gained through employment work or business activities. Unearned revenue is recorded as a liability in the balance sheet since it is not yet earned.
As the amount is earned the liability account is reduced and the amount earned will be reported on the income. C Appears on the income statement as a liability. It is treated as a liability because the revenue has still not been earned and represents products or services owed to a.
As they deliver magazines each month the company keeps on recognizing the corresponding income in the income statement. Only when the company has fulfilled itsobligation earned money is the liability removed and the money is recorded asrevenue and included in the income statement. This is also referred to as deferred revenues or customer deposits.
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