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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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How does unearned revenue arise, and how is it reported on a company’s balance sheet?

To determine

State the manner by which the unearned revenue arise and also indicate the manner by which they are reported on the company’s balance sheet.

Explanation

Liabilities:

The claims creditors have over assets or resources of a company are referred to as liabilities. These are the debt obligations owed by company to creditors. Liabilities are classified on the balance sheet as current liabilities and long-term liabilities.

The revenue which is received in advance by the company for the services or goods to be delivered in future is referred to as unearned revenue...

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