Can you explain?

Required Information [The following information applies to the questions displayed below.] Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with Information about selected accounts. Account Names Cash Supplies Prepaid Rent Accounts Payable Debit $ 4,100 4,600 6,988 Salaries and wages Payable Income Tax Payable Credit Further Information As reported on December 31 bank statement. Based on count, only $1,450 of supplies still exist. This amount was paid November 1 for rent through the end of January $ 1,650 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $480 of utility services through December 31 for which it has not yet been billed. stylists have not yet been paid $150 for their work on December 31. The company has paid last year's income taxes but not this year's taxes. 2,300 This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. 80,750 Customers pay cash when they receive services. This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $2,300 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 30%. $85,600 900 29,480 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Totals 12,500 23,880 5,100 $85,600 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? VAL'S HAIR EMPORIUM Income Statement For the Year Ended December 31, 2018 Revenues Service Revenue $ 80,750 80.750 150 Total Revenues Expenses Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense 480 4,600 3,150 8,380 Total Revenues Net Income By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease? Net income by