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all help appreciated Required information [The following information applies to the questions displayed below) art 1 of 4 Val's Hair Emporium operates a hair salon.
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Required information [The following information applies to the questions displayed below) art 1 of 4 Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Credit Account Names Cash Supplies Prepaid Rent Debit $ 2,900 3,400 3,300 eBook Accounts Payable $ 1,5e Further Information As reported on December 31 bank statement. Based on count, only $850 of supplies still exist. This amount was paid November 1 for rent through the end of January. This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $360 of utility services through December 31 for which it has not yet beer billed. Stylists have not yet been paid $200 for their work on December 31. The company has paid last year's income taxes but not this year's taxes. This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Customers pay cash when they receive services. Salaries and Wages Payable Income Tax Payable 1.100 800 61,050 28,200 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Totals 11,300 11.000 3.900 This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $1,100 per month This is the cost of supplies used through November 30. The company has an average tax rate of 25%. $64,900 564,000 Required: 1. Prepare the preliminary) unadjusted net income statement for the year ended December 31, 2018, VAL'S HAIR EMPORIUM 2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair. Adj. Balance Sheet Account Related Income Statement Actunt Amount (2) (3) Part 3 of 4 3. Prepare the adjusting journal entries that are required at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 11.11 points View transaction list eBook Journal entry worksheet Record the adjusting entry for supplies. hote: Enter debits before credits Transaction Credit Record entry Clear entry View general journal 3. Prepare the adjusting journal entries that are required at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 3 4 5 Record the adjusting entry for rent. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal 3. Prepare the adjusting journal entries that are required at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Incude a LAPerse The company has an average tax race or Totals $64,000 $64,000 4-a. Prepare the adjusted net income that the company should report for the year ended December 31, 2018 4-b. By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease? Complete this question by entering your answers in the tabs below. Reg 4A Req 4B By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease? Net incomeStep by Step Solution
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