Required Information [The following information applies to the questions displayed below.] Learn to Play, Incorporated, is...

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Required Information [The following information applies to the questions displayed below.] Learn to Play, Incorporated, is a one-person company that provides private plano lessons. Its unadjusted trial balance at December 31, 2021, follows, along with Information about selected accounts. Account Names Cash Supplies Deferred Revenue Salaries and wages Payable Income Tax Payable Interest Payable Notes Payable Common Stock Credit Debit $ 24,700 390 $ 1,590 e 13,800 1,000 Retained Earnings Service Revenue 3,900 24,690 Salaries and wages Expense Supplies Expense 19,000 890 Interest Expense Income Tax Expense Totals $ 44,980 $ 44,980 Further Information As reported on December 31 bank statement. Based on count, only $245 of supplies still exist. of this amount, $590 was received for December lessons and $1,000 for January lessons. The employee was paid $500 for 10 days of work through December 29. She has not yet been paid for work on December 30 and 31. The company has paid last year's income tax but not this year's taxes. The company has not paid the $115 of interest owed on its notes payable for the current period. This one-year note was taken out this year on December 1. This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Most customers pay cash for lessons each time they are provided, but some customers pay in advance. The company's employee worked through December 31. This is the cost of supplies used through November 30. The company has not paid the $115 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. Required: 1. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021. LEARN TO PLAY, INCORPORATED Unadjusted Income Statement 0 Required Information [The following information applies to the questions displayed below.] Learn to Play, Incorporated, is a one-person company that provides private plano lessons. Its unadjusted trial balance at December 31, 2021, follows, along with Information about selected accounts. Account Names Cash Supplies Deferred Revenue Salaries and wages Payable Income Tax Payable Interest Payable Notes Payable Common Stock Credit Debit $ 24,700 390 $ 1,590 e e 13,800 1,000 Retained Earnings Service Revenue 3,900 24,690 Salaries and wages Expense 19,000 Supplies Expense Interest Expense 890 8 Income Tax Expense Totals 8 $ 44,980 $ 44,980 Further Information As reported on December 31 bank statement. Based on count, only $245 of supplies still exist. of this amount, $590 was received for December lessons and $1,000 for January lessons. The employee was paid $500 for 10 days of work through December 29. She has not yet been paid for work on December 30 and 31. The company has paid last year's income tax but not this year's taxes. The company has not paid the $115 of interest owed on its notes payable for the current period. This one-year note was taken out this year on December 1. This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Most customers pay cash for lessons each time they are provided, but some customers pay in advance. The company's employee worked through December 31. This is the cost of supplies used through November 30. The company has not paid the $115 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. 2. Name the five pairs of balance sheet and Income statement accounts that require adjustment and Indicate the amount of adjustment for each pair. Adjustment - 2345 4. 5. 1. 2. 3. Balance Sheet Account Related Income Statement Account Amount Required Information [The following information applies to the questions displayed below.] Learn to Play, Incorporated, is a one-person company that provides private plano lessons. Its unadjusted trial balance at December 31, 2021, follows, along with Information about selected accounts. Account Names Cash Supplies Deferred Revenue Salaries and wages Payable Income Tax Payable Interest Payable Notes Payable Common Stock Credit Debit $ 24,700 390 $ 1,590 e 13,800 1,000 Retained Earnings Service Revenue 3,900 24,690 Salaries and wages Expense Supplies Expense 19,000 890 Interest Expense Income Tax Expense Totals $ 44,980 $ 44,980 Further Information As reported on December 31 bank statement. Based on count, only $245 of supplies still exist. of this amount, $590 was received for December lessons and $1,000 for January lessons. The employee was paid $500 for 10 days of work through December 29. She has not yet been paid for work on December 30 and 31. The company has paid last year's income tax but not this year's taxes. The company has not paid the $115 of interest owed on its notes payable for the current period. This one-year note was taken out this year on December 1. This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Most customers pay cash for lessons each time they are provided, but some customers pay in advance. The company's employee worked through December 31. This is the cost of supplies used through November 30. The company has not paid the $115 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. Required: 1. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021. LEARN TO PLAY, INCORPORATED Unadjusted Income Statement 0 Required Information [The following information applies to the questions displayed below.] Learn to Play, Incorporated, is a one-person company that provides private plano lessons. Its unadjusted trial balance at December 31, 2021, follows, along with Information about selected accounts. Account Names Cash Supplies Deferred Revenue Salaries and wages Payable Income Tax Payable Interest Payable Notes Payable Common Stock Credit Debit $ 24,700 390 $ 1,590 e e 13,800 1,000 Retained Earnings Service Revenue 3,900 24,690 Salaries and wages Expense 19,000 Supplies Expense Interest Expense 890 8 Income Tax Expense Totals 8 $ 44,980 $ 44,980 Further Information As reported on December 31 bank statement. Based on count, only $245 of supplies still exist. of this amount, $590 was received for December lessons and $1,000 for January lessons. The employee was paid $500 for 10 days of work through December 29. She has not yet been paid for work on December 30 and 31. The company has paid last year's income tax but not this year's taxes. The company has not paid the $115 of interest owed on its notes payable for the current period. This one-year note was taken out this year on December 1. This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Most customers pay cash for lessons each time they are provided, but some customers pay in advance. The company's employee worked through December 31. This is the cost of supplies used through November 30. The company has not paid the $115 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. 2. Name the five pairs of balance sheet and Income statement accounts that require adjustment and Indicate the amount of adjustment for each pair. Adjustment - 2345 4. 5. 1. 2. 3. Balance Sheet Account Related Income Statement Account Amount