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 $ 4,600 As reported on December 31 bank statement. Supplies 5, 100 Based on count, only $1,700 of supplies still exist. Prepaid Rent 8,400 This amount was paid November 1 for rent through the end of January. Accounts Payable $ 1,900 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $530 of utility services through December 31 for which it Salaries and Wages Payable has not yet been billed. Stylists have not yet been paid $100 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 2,800 This amount was contributed for common stock in prior years. Retained Earnings 700 This is the balance reported at the end of last year. Service Revenue 89,200 Customers pay cash when they receive services. Salaries and Wages Expense 29,900 This is the cost of stylist wages through December 30. Utilities Expense 13,000 This is the cost of utilities through December 15. Rent Expense 28,888 This year's rent was $2,800 per month. Supplies Expense 5,600 This is the cost of supplies used through November 30. Income Tax Expense The company has an average tax rate of 30%. Totals $ 94,600 $ 94,600 4-a. Calculate the adjusted net income that the company should report for the year ended December 31, 2021. 4-6. 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 Calculate the adjusted net income that the company should report for the year ended December 31, 2021. VAL'S HAIR EMPORIUM Income Statement For the Year Ended December 31, 2021 Revenues Service Revenue $ 89,200 89,200 Total Revenues Expenses Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense 30,000 13,530 30,800 2,200 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 decrease? Net income decreased by s 7,751