Question
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
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 Supplies Prepaid Rent Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Debit $ 4,200 Credit 4,700 7,200 Retained Earnings Service Revenue Salaries and Wages Expense 29,500 Utilities Expense 12,600 Rent Expense 24,000 Supplies Expense 5,200 0 $ 87,400 Income Tax Expense Totals Further Information. As reported on December 31 bank statement. Based on count, only $1,500 of supplies. still exist. This amount was paid November 1 for rent through the end of January. $1,700 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $490 of utility services through December 31 for which it has not yet been billed. 0 Stylists have not yet been paid $200 for their work on December 31. 0 The company has paid last year's income taxes but not this year's taxes. 2,400 This amount was contributed for common. stock in prior years. 800 This is the balance reported at the end of last year. 82,500 Customers pay cash when they receive. services. $ 87,400 This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $2,400 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 308.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started