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What is a liability created when a company receives cash for services to be provided in the future?
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Are unearned revenues liabilities?
These are amounts which have already received but the benefits of which have not yet provided by the company to costumers that's why these amounts are the liability of company until not refund or befits for required services are provided to them
When a company provides services for which cash will not be received until some future date the company should record unearned revenue for the amount charged to the customer?
When a company provides services for which cash will be received in the future, it should recognize unearned revenue as a liability. This represents the obligation to deliver services or goods that have been paid for but not yet provided. As the company fulfills its obligations over time, it can then recognize the revenue. This accounting treatment ensures that revenues are matched with the period in which the services are actually rendered.
Unearned revenue a liability?
Unearned revenue is the amount which client has paid already but not received the services yet so it is the liability of the company until they renderred the services to client or otherwise return back the amount to the client.
Unearned revenue in balance sheet?
Unearned revenue is a liability and is included on the credit side of the balance sheet. Unearned revenues are recognized when customers pay up front for the products/services. As a result, the company has an obligation to the customer to deliver products/render services. When the company has deliverd the products/rendered the services, the liability unearned revenues is reduces and recognized as sales.
What do you mean by internal and external liability of the company?
internal liability mean that company will pay salary, so salary is internal liability, and the company will pay interest to bank it is external liability.
Are unearned revenues liabilities?
These are amounts which have already received but the benefits of which have not yet provided by the company to costumers that's why these amounts are the liability of company until not refund or befits for required services are provided to them
Environmental liability protection for small businesses was provided by?
An Insurance Company
Does a limited liability company partnership receive a 1099 form?
Yes, a limited liability company partnership may receive a 1099 form if it receives income that needs to be reported to the IRS.
What type of business is koch energy services?
limited liability company
Which of the following accounts would appear in the balance sheet credit column a Prepaid insurance b Buildings c Unearned service revenue d Service revenue?
Unearned services revenue is the amount which is already received by company from client but the actual services has not been provided yet by the company so it means that this amount is not yet earned by company so it is the liability of company hence it will be shown in credit or liability side of balance sheet.
What is the General Liability Class Code for disaster restoration company?
what is the general liability class code for distaster restoration services
What services are provided by the Amnet company?
The Amnet company offers offshore outsourcing services. The Amnet company also offers data services, multimedia services, legal services and publishing services.
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What type of services does the company Franz provide?
Franz Inc Company is an American owned company. The services provided by this company are technical support and consulting services for the Allergro family of development products.
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A PLLC is a Professional Limited Liability Company. It is a limited liability company that is set up to provide professional services to one or more people and to allow them to be taxed differently.
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What type of services are provided by B J Services Company?
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