Chapter 3 & 4 Homework Saved 07 Part 1 of 4 3.18 points book print Required Information [The following information applies to the questions displayed below] Var's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2021, follows, along with Information about selected accounts. Recount Debit Credit Parther Information Canh $4,700 de reported on December 31 bank statement Supplies 5,200 Based on count, only $2,750 of supplier still exist Prepaid Rent 0,700 This amount was paid November 1 for rent through the end of January Accounts Payable $ 1.950 This represents the total amount of billa ecnived for supplies and utilities Ehrough December 15. Valentinate that the company has received 0540 of utility services through December 31 for which it has not yet been billed. Salaries and Wages Payable 0 Stylists have not yet been paid $150 for their work on December 31. IHC Tax Payable 0 The company has paid last year's income taxes bat not this year's taxe Common Stock 2.900 This amount was contributed for common stock in prior years. Retained tamninga 900 This is the balance reported at the end of last year Service Revenue 90.650. Customers pay cash when they receive services. Salaries and Wages Expense 30,000 This is the cost of stylist wages through December 30. Utilities Expense 13.100 This is the cost of utilities through December 15 Rent Expense 29.000 This year's rent was $2.900 per month. Supplies Expense 5,700 This is the cost of supplies and through November 30. Income Tax Expense The company has an average tax rate of 30. Total 96.400 S96.400 Heferences 5 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, 2021, follows, along with Information about selected accounts. art 1 of 4 Account Namen Cash Debit $4,700 Supplies 5,200 Prepaid Rent B.700 Accounts Payable Book Print Salaries and Wages Payable Income Tax Payable Tences Common Stock Retained terninge Service Revenue salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Credit Purther Information As reported on December 31 bank statement. Based on count, only $1,750 ot supplies still exist. This amount was paid November 1 for rent through the end of January $ 1,950 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $540 of utility services through December 31 for which has not yet been billed. 0 Stylists have not yet been paid $150 for their work on December 31. 0 The company has paid last years income taxes but not this year's taxou. 2,900 This amount was contributed for common stock in prior years. 900 This is the balance reported at the end of last year. 90,650 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 $2,900 per month This is the cost of supplies used through November 30. The company has an average tax rate of 301. $ 96,400 30,000 13,100 29,000 5.700 0 Totala $ 96,400 5 Totals 308. $ 96,400 $ 96,400 Part 1 of 4 Required: 1. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021 3.18 points VAL'S HAIR EMPORIUM Unadjusted Income Statement (Preliminary) eBook Print 0 References 0