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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 $ 2,800 3,300 3,000 Accounts Payable $ 1,000 Salaries and Wages Payable Income Tax Payable Further Information As reported on December 31 bank statement. Based on count, only $880 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 $350 of utility services through December 31 for which it has not yet been billed. Stylists have not yet been paid $100 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. This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $1,000 per month This is the cost of supplies used through November 30. The company has an average tax rate of 30% 1,000 700 59,500 28,100 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Totols 11,200 10,000 3,800 $62,200 $62,200 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. Req 4A Reg 4B Prepare the adjusted net income that the company should report for the year ended December 31, 2018. VAL'S HAIR EMPORIUM Income Statement For the Year Ended December 31, 2018 Revenues Service Revenue $ 50.500 50.500 Total Revenues Expenses Salaries and Wages Expense Rent Expense Utilities Expense Supplies Expense Income Tax Expense Total Expenses Net Income 4-5. By what dollar amount did the adjustments in requirement (5) Cause Complete this question by entering your answers in the tabs below. Req 4A Reg 4B By what dollar amount did the adjustments in requirement (3) cause net income to increase or Net income decreased by Req 4A 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 $ 2,800 3,300 3,000 Accounts Payable $ 1,000 Salaries and Wages Payable Income Tax Payable Further Information As reported on December 31 bank statement. Based on count, only $880 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 $350 of utility services through December 31 for which it has not yet been billed. Stylists have not yet been paid $100 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. This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $1,000 per month This is the cost of supplies used through November 30. The company has an average tax rate of 30% 1,000 700 59,500 28,100 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Totols 11,200 10,000 3,800 $62,200 $62,200 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. Req 4A Reg 4B Prepare the adjusted net income that the company should report for the year ended December 31, 2018. VAL'S HAIR EMPORIUM Income Statement For the Year Ended December 31, 2018 Revenues Service Revenue $ 50.500 50.500 Total Revenues Expenses Salaries and Wages Expense Rent Expense Utilities Expense Supplies Expense Income Tax Expense Total Expenses Net Income 4-5. By what dollar amount did the adjustments in requirement (5) Cause Complete this question by entering your answers in the tabs below. Req 4A Reg 4B By what dollar amount did the adjustments in requirement (3) cause net income to increase or Net income decreased by Req 4A