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LSDefine

Simple English definitions for legal terms

prepaid income

Read a random definition: near money

A quick definition of prepaid income:

Prepaid income is money that someone receives before they have actually earned it. For example, if someone pays for a service in advance, the person providing the service has received prepaid income. It is also called deferred revenue.

A more thorough explanation:

Prepaid income refers to money received in advance for goods or services that have not yet been provided. It is also known as deferred revenue. This type of income is recorded as a liability on a company's balance sheet until the goods or services are delivered, at which point it is recognized as revenue.

For example, if a company receives payment for a year's worth of services upfront, it would record that payment as prepaid income. As the company provides the services over the course of the year, it would recognize a portion of that prepaid income as revenue each month.

Another example is a magazine subscription. When a customer pays for a year's worth of magazines upfront, the publisher records that payment as prepaid income. As the publisher delivers each issue of the magazine, it recognizes a portion of that prepaid income as revenue.

prepaid expense | prepaid interest

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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