ework Assignment Seved [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. Account Women Debit Credit Further Information Cash $ 4,800 As reported on December 31 bank statement Supplies 5,300 Based on count, only $1.800 of supplies still exist Prepaid Rent 9,000 This amount was paid November 1 for rent through the end of Janary. Accounts Payable $ 2,000 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $550 of utility services through December 31 for which it has not yet been billed. salaries and Wages Payable Stylists have not yet been paid $200 for their work on December 31. Income Tax Payable The company has paid last year's Encome taxes but not this year's taxes Common stock 3.000 This amount was contributed for como stock in prior years. Retained Mornings 800 This is the balance reported at the end of last year Service Revenue 92,400 Customer pay cars when they receive services Salaries and Wages Expense 30,100 This is the cost of stylist wage through December 30 Utilities Expense 13,200 This is the cost of utilities through December 15 Rent Expense 30,000 This year's rent was $3,000 per month Supplies Expono 5,800 This is the cost of supplies used through November 30. Income Tax Expense The company has an average tax rate of 201. Totale 5498,200 $98.200 Required: 1. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021. VAL'S HAIR EMPORIUM Unadjusted Income Statement (Preliminary) 0 2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair. Amount Adjustment Balance Sheet Account (1) Supplies (2) Prepaid Rent (3) Accounts Payable (4) Salaries and Wages Payable (5) Income Tax Payable Related Income Statement Account Supplies Expense Rent Expense Utilities Expense Salaries and Wages Expense Income Tax Expense View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 Supplies Expense Supplies 2 Rent Expense Prepaid Rent 3 C Units Expense Accounts Payable 4 d Salaries and Wages Expense Salaries and Wages Payatro 5 . Income Tax Expense Income Tax Payable -U. DY WHIHUAHUALUS SUNT TRASHURI Required information Complete this question by entering your answers in the tabs below. Req 4A Reg 48 Calculate the adjusted net income that the company should report for the year ended December 31, 2021. VAL'S HAIR EMPORIUM Income Statement 0 0 ROAA Req 4B > 4-a. Calculate the adjusted net income that the company should report for the year ended December 31, 2021 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 4 Req 48 By what dollar amount did the adjustments in requirement (3) cause net income to Increase or decrease? Net income by