By Pat Southern. Last updated 2011-03-29. Of the many men who led Rome, only a handful can truly be said to have profoundly and fundamentally shaped the empire's structure and direction. This gallery introduces six of the most important Roman emperors.
Tax Liability. The amount of total tax due the IRS after any credits and before taking into account any advance payments (withholding, estimated payments, etc.) made by the taxpayer.
And so, unearned revenue should not be included as income yet; rather, it is recorded as a liability. This liability represents an obligation of the company to render services or deliver goods in the future. It will be recognized as income only when the goods or services have been delivered or rendered.f at the end of the year the company earned 20% of the entire $30,000, then the adjusting entry would be: By debiting Service Income for $24,000, we are decreasing the income initially recorded. The balance of Service Income is now $6,000 ($30,000 - 24,000), which is actually the 20% portion already earned.