Fees earned is a revenue account that appears in the revenue section at the top of the income statement.
It contains the fee revenue earned during a reporting period.
Are fees earned asset or liabilities?
Liabilities are amounts the business owes to creditors. Owner’s equity is the owner’s investment or net worth. Revenue consists of amounts earned by a business, such as fees earned for performing services, income from selling merchandise, rent income for the use of property, or inter- est earned for lending money.
Is fees income an asset?
Fee Income. Fee income is the revenue taken in by financial institutions from account-related charges to customers. Charges that generate fee income include non-sufficient funds fees, overdraft charges, late fees, over-the-limit fees, wire transfer fees, monthly service charges, account research fees, and more.
What is considered fees earned?
Fees earned is an account that represents the amount of revenue a company generated by providing services during an accounting period. According to the accrual basis of accounting, a company must report fees earned in the accounting period in which the service was performed regardless of when it receives payment.
Is land an asset?
Instead, land is classified as a long-term asset, and so is categorized within the fixed assets classification on the balance sheet. If anything, land is considered to be the longest-lived asset, since it cannot be depreciated, and so has an essentially eternal useful life.