Ryo Kiritani is a hair dresser and earns income by styling hair of well-known people. He initially received and recorded advance payments of Php 50,000, Php 75,000, and Php 125,000 from A, B, and C, respectively during the year 2022. By the end of December, it was determined that 55%, 30%, and 70% work were done for A, B, and C, respectively by Ryo. 5. Assuming A, B, and C are Ryo Kiritani's only customers, how much is his adjusted service income on December 31, 2022? 6. How much is Ryo Kiritani's adjusted unearned revenue on December 31, 2022? 7. How much is A's adjusted prepaid expenses in relation to Ryo's hair styling services on December 31, 2022?

Ryo Kiritani is a hair dresser and earns income by styling hair of well-known people. He initially received and recorded advance payments of Php 50,000, Php 75,000, and Php 125,000 from A, B, and C, respectively during the year 2022. By the end of December, it was determined that 55%, 30%, and 70% work were done for A, B, and C, respectively by Ryo. 5. Assuming A, B, and C are Ryo Kiritani's only customers, how much is his adjusted service income on December 31, 2022? 6. How much is Ryo Kiritani's adjusted unearned revenue on December 31, 2022? 7. How much is A's adjusted prepaid expenses in relation to Ryo's hair styling services on December 31, 2022?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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