Analyzing Unearned Revenue Liabilities $($FSET$)$

The Metropolitan Opera Association, Inc., was founded in $1883$ and is widely regarded as one of the world$$s greatest opera companies. The Metropolitan$$s performances run from September to May, and the season may consist of more than two dozen different operas. Many of the opera$$s loyal subscribers purchase tickets for the upcoming season prior to the end of the opera$$s fiscal year$-$end at July $31.$ In its annual report, the Metropolitan recognizes a Deferred Revenue liability that is defined in their disclosure notes as follows: $$Advance ticket sales, representing the receipt of payments for ticket sales for the next opera season, are reported as deferred revenue in the consolidated balance sheets.$$ Ticket sales are recognized as box office revenue $$on a specific performance basis.$$

Revenues

Fiscal Year Ended July $31($Box Office and Tours$)$ Deferred Revenue

$2019$ $$85,054$ $$42,108$

$201886,68849,615$

$201788,51442,649$

$201687,58246,609$

Report $(1)$ ticket sales revenue $($box office and tours$)$ for the fiscal year $2019$ and $(2)$ advance sales for the fiscal year $2020$ season using the financial statement effects template. $($Assume that advance ticket sales extend no further than the next year$$s opera season.$)$

Note: Use negative signs with your answers, when appropriate.

Balance Sheet Income Statement

Transaction Asset $=$ Liabilities $+$ Net Assets Revenues $-$ Expenses $=$ Net Income

$(1)$ Revenue for fiscal year $2019.$ Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$

$(2)$ Advance sales for fiscal year $2020.$ Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$