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this is requirement 3

Required information PA4-4 Identifying and Preparing Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-3, LO 4-6) [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, 2018, follows, along with information about selected accounts. Account Names Cash Supplies Prepaid Rent Debit $ 3,800 4,300 6,000 Accounts Payable Salaries and Wages Payable Income Tax Payable Credit further Information As reported on December 31 bank statement. Based on count, only $1,300 of supplies still exist. This amount was paid November 1 for rent through the end of January $1,500 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $450 of utility services through December 31 for which it has not yet been billed. 0 Stylists have not yet been paid $150 for their work on December 31. 0 The company has paid last year's income taxes but not this year's taxes. 2,000 This amount was contributed for common stock in prior years. 900 This is the balance reported at the end of last year. 75,800 Customers pay cash when they receive services. This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $2,000 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 301. $80,200 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Totals 29,100 12,200 20,000 4,800 0 $80, 200 PA4-4 Part 4 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. Reg 4A Reg 48 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 $ 75,800 Total Revenues 75,800 Expenses Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense 150 Net Income PA4-4 Part 4 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 Reg 4B By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease? Net income by

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