Lady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows: Dec. 31, 2020 Dec. 31, 2021 Prepaid expenses------------------ 25,000 ----- 18,000 Accrued expenses ----------------- 17,000 ------ 24,000 Service fees receivable------------- 18,000 ------ 35,000 Unearned service fees ------------- 46,000 ------- 12,000 Under the CASH basis, the net income of Lady G beauty shop for the year 2021 amounts to
Lady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows:
Dec. 31, 2020 Dec. 31, 2021
Prepaid expenses------------------ 25,000 ----- 18,000
Accrued expenses ----------------- 17,000 ------ 24,000
Service fees receivable------------- 18,000 ------ 35,000
Unearned service fees ------------- 46,000 ------- 12,000
Under the CASH basis, the net income of Lady G beauty shop for the year 2021 amounts to
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