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56 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 Cash $ 3,300 As reported on December 31 bank statement. Supplies 3,800 Based on count, only $1,050 of supplies still exist. Prepaid Rent 4,500 This amount was paid November 1 for rent through the end of January. Accounts Payable $1,250 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $400 of utility services through December 31 for which it has not yet been billed. Salaries and Wages Payable @ Stylists have not yet been paid $150 for their work on December 31. Income Tax Payable The company has paid last year's income taxes but not this year's taxes. Common Stock 1,500 This amount was contributed for common stock in prior years. Retained Earnings 900 This is the balance reported at the end of Service Revenue 67,550 Customers pay cash when they receive services. Salaries and Wages Expense 28,600 This is the cost of stylist wages through December 30 Utilities Expense 11,700 This is the cost of utilities through December 15. Rent Expense 15,000 This year's rent was $1,500 per month Supplies Expense 4,300 This is the cost of supplies used through November 30. Income Tax Expense 0 The company has an average tax rate of 30% Totals $ 71,200 $ 71,200 last year PA4-4 (Algo) Part 1 Required: 1. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021 VAL'S HAIR EMPORIUM Unadjusted Income Statement (Preliminary) Val's Hair Emporum operates a hair salon. Its unadjusted trial balance as of December 31, 2021, follows, along with Information about selected accounts Account Names Cash Supplies Prepaid Rent Debit $ 3,300 3,800 4,500 Accounts Payable Salaries and Wages Payable Income Tax Payable e Credit Further Information As reported on December 31 bank statement. Based on count, only $1,050 of supplies still exist. This amount was paid November 1 for rent through the end of January. $1,250 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $400 of utility services through December 31 for which it has not yet been billed. 0 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. 1,500 This amount was contributed for common stock in prior years 908 This is the balance reported at the end of 67,550 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 $1,500 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 30%. $ 71,200 Common Stock Retained Earnings last year. 28,600 11,700 Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Totals 15,000 4,300 $ 71,200 PA4-4 (Algo) Part 1 Required: 1. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021 VAL'S HAIR EMPORIUM Unadjusted Income Statement (Preliminary) is 1. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021 VAL'S HAIR EMPORIUM Unadjusted Income Statement (Preliminary) Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation VAL'S HAIR EMPORIUM Unadjusted Income Statement (Preliminary) Amortization Expense Bad Debt Expense Bank Charges Expense Buildings Cash