1 Unearned revenue O a. is recorded in an asset account (other than Cash) when cash is received. b. is recorded when services have been performed for the customer. c. represents future revenue. d. All of these choices are correct. 2 3 4 5 6 7 8 9 10 11 12 1 2 3 In a vertical analysis of an income statement, a. total revenues are stated as a percent of owner's equity. Ob. each item is stated as a percent of revenues or fees earned. O c. each item is stated as a percent of change from the previous period's statement d. each item is stated as a percent of total expenses. 4 5 6 7 8 9 10 11 12