5-a. Calculate the adjusted net income that the company should report for the year ended December 31, 2020. VAL'S HAIR EMPORIUM Income Statement For the Year Ended December 31, 2020 Hairstyling revenue 105,800 Expenses Wages expense Utilities expense Rent expense Supplies expense Income tax expense Total expenses 0 105 800 $ Val's Hair Emporium is a hal salon. Its December 31, 2020, unadjusted trial balance follows, along with information about selected accounts Account Nine Cash Supplies Prepaid Rent Accounts Payable Debit $ 15,00 6,100 9,000 Wages Payable Income Tax Payable Contributed Capital Retained Earnings Hair Styling Revenue Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Credit Further Information As reported on December 31 bank statement Based on count, only 5,700 of supplies still exist This amount was paid November 1 for rent through the end of January $ 2,000 This represents the total wount of its received for supplies and utilities through December 15. Val estimates that the company has received $700 of utility services through December 31 for which it has not yet been billed Stylists have not yet been paid $200 for their work on December 11 The company has paid last year's income taxes but not this year's taxes 2,500 This wount was contributed to the company in prior years 1,900 This is the balance reported at the end of last year 105,000 Customers pay cash when they receive Services This is the cost of stylist wage through December 30, This is the cost of utilities through Deceber 15 This year's rent was $3,000 per month This is the cost of supplies used through November 0 The company has an averate tax rate of 10 percent. 31.640 13,700 30,000 6,100 Totals $112,200 $112,200