Examlex
Given below are the activities of the Tucson Company: Using the accrual basis of accounting,the total revenues for Tucson Company are ________.
Equity
The value of an asset after deducting the amount of liabilities or the ownership interest in a company.
Revenues
Sum of income from the primary business activities of a company, which includes sales of its products or services.
Unearned Revenues
Money received by a company for goods or services that have yet to be delivered or performed, considered a liability until earned.
Liabilities
Liabilities represent debts or financial obligations that a company owes to others, which must be settled over time through the transfer of economic benefits.
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