The following are the accounts of Woods-Michelson Corporation: In the space provided, classify each as it would
Question:
The following are the accounts of Woods-Michelson Corporation:
In the space provided, classify each as it would be reported on a balance sheet. Use:
CA for current asset CL for current liability
SE for stockholders’ equity
NCA for noncurrent asset NCL for noncurrent liability
(1) Additional Paid-in Capital (2) Buildings and Leased Assets (3) Current Lease Liabilities (4) Dividends Payable (5) Equipment (6) Intangible Assets (7) Long-Term Lease Liabilities (8) Notes Payable (due in six months (9) Prepaid Insurance (10) Short-Term Investments (11) Trade Accounts Receivable (12) Treasury Stock (13) Unearned Revenue
Step by Step Answer:
SE 1 Additional Paidin Capital NCA 2 Buildings and Leased Assets CL 3 ...View the full answer
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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