Time Warner Inc. reported short-term deferred revenue of $1,497 million and $1,731 million as of December 31,
Question:
(a) What was the amount of the adjustment for unearned revenue for 2004?
(b) What would have been total revenues under the cash basis after considering the effect of (a)?
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a 234 million 1731 1497 assuming that the change in shortterm deferred ...View the full answer
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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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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