UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on the balance sheet. O A liability on the balance sheet. An unearned revenue on the income statement. An asset on the balance sheet. A financing activity on the statement of cash flows. Question 19 (0.5 points) Net Income: Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Is the excess of revenues over expenses. Represents owners’ claims against assets.
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