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he following information applies to the questions displayed below.] al's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2021, follows, along with formation about selected accounts. Account Names Debit Credit Further Information Cash $ 4,700 As reported on December 31 bank statement. Supplies 5,200 Based on count, only $1,750 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 $540 of utility services through December 31 for which it has not yet been billed. O Stylists have not yet been paid $150 for Prepaid Rent 8,700 Accounts Payable $ 1,950 Salaries and Wages Payable 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 2,900 This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Retained Earnings 900 Service Revenue 90,650 Customers pay cash when they receive services. Salaries and Wages Expense 30,000 This is the cost of stylist wages through December 30. Utilities Expense 13,100 This is the cost of utilities through December 15. This year's rent was $2,900 per month. This is the cost of supplies used through Rent Expense 29,000 Supplies Expense 5,700 November 30. Income Tax Expense The company has an average tax rate of 30%. Totals $ 96,400 $ 96,400

he following information applies to the questions displayed below.] al's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2021, follows, along with formation about selected accounts. Account Names Debit Credit Further Information Cash $ 4,700 As reported on December 31 bank statement. Supplies 5,200 Based on count, only $1,750 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 $540 of utility services through December 31 for which it has not yet been billed. O Stylists have not yet been paid $150 for Prepaid Rent 8,700 Accounts Payable $ 1,950 Salaries and Wages Payable 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 2,900 This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Retained Earnings 900 Service Revenue 90,650 Customers pay cash when they receive services. Salaries and Wages Expense 30,000 This is the cost of stylist wages through December 30. Utilities Expense 13,100 This is the cost of utilities through December 15. This year's rent was $2,900 per month. This is the cost of supplies used through Rent Expense 29,000 Supplies Expense 5,700 November 30. Income Tax Expense The company has an average tax rate of 30%. Totals $ 96,400 $ 96,400

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5PB: Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet...
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Unajusted Income statement (preliminary)

Required: 1. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021. VAL'S HAIR EMPORIUM Unadjusted Income Statement (Preliminary)
Transcribed Image Text:Required: 1. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021. VAL'S HAIR EMPORIUM Unadjusted Income Statement (Preliminary)
Required information [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 Debit Credit Further Information Cash $ 4,700 As reported on December 31 bank statement. Supplies 5,200 Based on count, only $1,750 of supplies still exist. Prepaid Rent 8,700 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 $540 of utility services through December 31 for which it Accounts Payable $ 1,950 has not yet been billed. Salaries and Wages Payable Stylists have not yet been paid $150 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 2,900 This amount was contributed for common stock in prior years. Retained Earnings 900 This is the balance reported at the end of last year. Service Revenue 90,650 Customers pay cash when they receive services. Salaries and Wages Expense 30,000 This is the cost of stylist wages through December 30. Utilities Expense 13,100 This is the cost of utilities through December 15. This year's rent was $2,900 per month. This is the cost of supplies used through Rent Expense 29,000 Supplies Expense 5,700 November 30. Income Tax Expense The company has an average tax rate of 30%. Totals $ 96,400 $ 96,400
Transcribed Image Text:Required information [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 Debit Credit Further Information Cash $ 4,700 As reported on December 31 bank statement. Supplies 5,200 Based on count, only $1,750 of supplies still exist. Prepaid Rent 8,700 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 $540 of utility services through December 31 for which it Accounts Payable $ 1,950 has not yet been billed. Salaries and Wages Payable Stylists have not yet been paid $150 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 2,900 This amount was contributed for common stock in prior years. Retained Earnings 900 This is the balance reported at the end of last year. Service Revenue 90,650 Customers pay cash when they receive services. Salaries and Wages Expense 30,000 This is the cost of stylist wages through December 30. Utilities Expense 13,100 This is the cost of utilities through December 15. This year's rent was $2,900 per month. This is the cost of supplies used through Rent Expense 29,000 Supplies Expense 5,700 November 30. Income Tax Expense The company has an average tax rate of 30%. Totals $ 96,400 $ 96,400
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Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
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