Asked by
Zachary Thompson
on Nov 14, 2024
Verified
Metropolitan Symphony sells 200 season tickets for $100000 that represents a five concert season. The amount of Unearned Ticket Revenue after the second concert is $40000.
Unearned Ticket Revenue
Income received from tickets sold for events that have not yet occurred, recognized as a liability until the event takes place.
Season Tickets
Long-term passes purchased in advance for multiple access to a venue, event series, or mode of transportation.
- Understand the concept and treatment of unearned revenues and their impact on financial statements.
Verified Answer
JN
Learning Objectives
- Understand the concept and treatment of unearned revenues and their impact on financial statements.