Multiple Choice
In its 2016 income statement,WME reported $695,000 for service revenue earned from membership fees.WME received $681,000 cash in advance from members during 2016.In its reconciliation schedule,WME should:
A) Show a $14,000 negative adjustment to net income under the indirect method for the increase in unearned revenue.
B) Show a $14,000 negative adjustment to net income under the indirect method for the decrease in unearned revenue.
C) Show a $14,000 positive adjustment to net income under the indirect method for the increase in unearned revenue.
D) Show a $14,000 positive adjustment to net income under the indirect method for the decrease in unearned revenue.
Correct Answer:
Verified
Correct Answer:
Verified
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