The following balance sheet and income statement data were taken from the records of Mako Retail Supply
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2018 2017 BALANCE SHEET $ 6,000 $ 5,400 Cash Accounts receivable 9,000 11,200 Inventory 15,600 15,000 Prepaid rent 1,200 1,800 $ 33,400 $31,800 Total current assets Equipment (net) 58,000 52,000 $ 91,400 Total $83,800 $ 11,200 Accounts payable $14,600 Salaries and wages payable 6,800 9,000 Interest payable 1,500 2,200 4,700 Unearned revenue 6,500 $ 28,200 $28,300 Total current liabilities Bonds payable (net) 28,000 28,400 10,000 Common stock 10,000 Retained earnings 25,200 17,100 $ 91,400 $83,800 Total INCOME STATEMENT $109,100 Sales revenues Cost of goods sold 56,000 $ 53,100 Gross profit Salaries and wage expense (15,200) Rent expense Interest expense Depreciation expense Loss on disposal of plant assets Net income before taxes Income tax expense Net income (9,000) (2,900) (6,200) (4,200) $ 15,600 4,400 $ 11,200
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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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