Calculate the adjusted net income that the company should report for the year ended December 31, 2021. By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease?

Saved Chapter 4 Assignment i 7 Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2021, follows, along with information about selected accounts. Account Names Debit Credit Further Information Part 4 of 4 Cash $ 4, 800 As reported on December 31 bank statement. Based on count, only $1,860 of supplies still Supplies 5 , 300 exist. Prepaid Rent 9 , 090 This amount was paid November 1 for rent through the end of January- 2 Accounts Payable $ 2,000 This represents the total amount of bills points received for supplies and utilities through December 15. Val estimates that the company has received $550 of utility services through eBook December 31 for which it has not yet been billed . Print Salaries and Wages Payable Stylists have not yet been paid $200 for their work on December 31. References Income Tax Payable The company has paid last year's income taxes but not this year's taxes . Common Stock 8, 600 This amount was contributed for common stock in prior years . Retained Earnings 800 This is the balance reported at the end of last year. Service Revenue 92, 400 Customers pay cash when they receive services . Salaries and Wages Expense 30, 100 This is the cost of stylist wages through Utilities Expense December 30. 13 , 260 This is the cost of utilities through Rent Expense December 15. 30, 006 Supplies Expense 5, 860 This year's rent was $3,000 per month. This is the cost of supplies used through Income Tax Expense November 30. Totals $ 98, 206 8 98, 200 The company has an average tax rate of 20%. Mc Graw Hill