Analyzing Unearned Revenue Liabilities (FSET)

The Metropolitan Opera Association, Inc., was founded in 1883 and is widely regarded as one of the worlds greatest opera companies. The Metropolitans performances run from September to May, and the season may consist of more than two dozen different operas. Many of the operas loyal subscribers purchase tickets for the upcoming season prior to the end of the operas 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	$102,065	$50,530
2018	104,026	59,538
2017	106,217	51,179
2016	105,098	55,931

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 years 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) Sales revenue for fiscal year 2019.	Answer		Answer		Answer				Answer		Answer		Answer
(2) Advance sales for fiscal year 2020.	Answer		Answer		Answer				Answer		Answer		Answer