which one of the following is an example of a deferred revenue?
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Example of Deferred Revenue Deferred revenue is common with subscription-based products or services that require prepayments. Examples of unearned revenue are rent payments received in advance, prepayment received for newspaper subscriptions, annual prepayment received for the use of software, and prepaid insurance.
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Deferred tax assets and liabilities that do not relate to specific assets and liabilities recognized under GAAP on the balance sheet, such as net operating loss and tax credit carryforwards, are generally classified based on the expected reversal date of the temporary difference.
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Deferred compensation plans delay employee compensation until a later date. The assets held for these plans are used to compensate employees in the future, not to generate profits for the company. ... Sometimes, companies declare their deferred compensation assets directly on the balance sheet.
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Deferred revenue is typically reported as a current liability on a company's balance sheet, as prepayment terms are typically for 12 months or less.
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Property or assets that have appreciated or grown significantly in value will generally trigger capital gain taxes upon the sale or disposition of the asset. ... Their capital gain taxes and depreciation recapture taxes can be deferred indefinitely by continually structuring and using 1031 Tax Deferred Exchange strategies.
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The journal entry to recognize a deferred revenue is to debit or increase cash and credit or increase a deposit or another liability account.
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Deferring compensation and the taxes that go along with it can be an attractive proposition to many. For high income tax payers, the benefits from a delay in taxation needs to be balanced against a number of potential risks. A. Peter, with that much income, a deferred-compensation plan is definitely worth considering.
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Deferred income tax is a result of the difference in income recognition between tax laws (i.e., the IRS) and accounting methods (i.e., GAAP). Deferred income tax shows up as a liability on the balance sheet. ... Deferred income tax can be classified as either a current or long-term liability.
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Examples of Noncurrent Liabilities Noncurrent liabilities include debentures, long-term loans, bonds payable, deferred tax liabilities, long-term lease obligations, and pension benefit obligations. ... Other examples include deferred compensation, deferred revenue, and certain health care liabilities.
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Deferred tax assets in the balance sheet line item on the non-current assets which are recorded whenever more tax is paid by the Company. The amount under this asset is then utilized to reduce future tax liability.
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DIFFERENCE BETWEEN PREPAID EXPENSE AND DEFERRED EXPENSE The deferred expense is a prepaid expense that you use over a year after you make the payment. It is usually mentioned as a long-term asset on the yearly balance sheet. On the other hand, a prepaid expense is something that you use up within a year.
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Noncurrent liabilities include debentures, long-term loans, bonds payable, deferred tax liabilities, long-term lease obligations, and pension benefit obligations. ... Other examples include deferred compensation, deferred revenue, and certain health care liabilities.
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Unearned revenue is usually disclosed as a current liability on a company's balance sheet. This changes if advance payments are made for services or goods due to be provided 12 months or more after the payment date. In such cases, the unearned revenue will appear as a long-term liability on the balance sheet.
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It is recorded on a company's balance sheet as a liability because it represents a debt owed to the customer. Once the product or service is delivered, unearned revenue becomes revenue on the income statement.
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LPL and its financial professionals are compensated directly by customers and indirectly from the investments made by customers. When customers pay us, we typically get paid an upfront commission or sales load at the time of the transaction and in some cases a deferred sales charge.
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Key Takeaways: Deferred income tax is a result of the difference in income recognition between tax laws (i.e., the IRS) and accounting methods (i.e., GAAP). Deferred income tax shows up as a liability on the balance sheet. ... Deferred income tax can be classified as either a current or long-term liability.
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The Special Timing Rule. FICA taxes are due on deferred compensation amounts on the later of (i) when the employee provides the related services, or (ii) when the compensation is no longer subject to a substantial risk of forfeiture (meaning: when the amounts are vested).