Saved Help Save & E Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 2018, follows, along with information about selected accounts. Credit Account Names Cash Supplies Prepaid Rent Accounts Payable Debit $ 2,900 3,400 3,300 $ 1,050 Further Information As reported on December 31 bank statement. Based on count, only $850 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 $360 of utility services through December 31 for which it has not yet been billed. Stylists have not yet been paid $200 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 cash when they receive services. 0 Salaries and Wages Payable Income Tax Payable 0 Common Stock 1,100 800 61,050 28,200 Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Totals 11,300 11,000 3,900 0 $64,000 This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $1,100 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 251. $64,000 P 16 MacBook 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 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 $ 61,050 61,050 Total Revenues Expenses Salaries and Wages Expense 30,750 Required information Prepare the adjusted net income that the company should report for the year ended December 31, 2018 14 VAL'S HAIR EMPORIUM Income Statement For the Year Ended December 31, 2018 Revenues Service Revenue $ 61,050 61,050 Total Revenues Expenses Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense 30,750 13,500 11,360 4,100 59,710 Total Expenses Net Income Olo $ 1,340 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? Answer is not com ate. Complete this question by entering your answers in the tabs below. Reg 4A Req 4B By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease? Net income decreased by $ 1,340 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 Req 4B By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease? by $ 1,340 Net income decreased 16 X MacBook Air
