The Einstein Cable Company collects all service revenue in advance Einstein showed a $16,825 liability on its June 30, 2010, balance sheet for unearned service revenue During the following fiscal year, customers paid $85,000 for future services, and the income statement for the year ended June 30, ...

Unearned revenue at 06302010 16825 Unearned revenu ...

The Einstein Cable Company collects all service revenue in advance. Einstein showed a $16,825 liability on its

Question:

The Einstein Cable Company collects all service revenue in advance. Einstein showed a $16,825 liability on its June 30, 2010, for unearned service revenue. During the following fiscal year, customers paid $85,000 for future services, and the income statement for the year ended June 30, 2011, reported service revenue of $75,850. What amount for the liability unearned service revenue will appear on the at June 30, 2011?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...