[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 Names Cash Debit $ 3,700 Credit Supplies 4,200 Prepaid Rent 5,700 04 Accounts Payable Salaries and Wages Payable Income Tax Payable. Further Information As reported on December 31 bank statement. Based on count, only $1,250 of supplies still exist. This amount was paid November 1 for rent through the end of January. $1,450 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $440 of utility services through December 31 for which it has not yet been billed. 0 Stylists have not yet been paid $100 for their work on December 31. 0 The company has paid last year's income taxes but not this year's taxes. 1,900 This amount was contributed for common stock in prior years. 700 This is the balance reported at the end- of last year. 74,350 Customers pay cash when they receive services. Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 29,000 Utilities Expense 12,100 Rent Expense 19,000 Supplies Expense. 4,700 0 Totals $ 78,400 $ 78,400 Income Tax Expense This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $1,900 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 25%.