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Val's Hair Emporium operates a hair salon


Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2013, follows along with information about selected accounts Account Names Debit Further Information 3,800 Cash As reported on December 31 bank state ment Supplies 4300 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 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 Stylists have not yet been paid $150 for their work on December 31 The company has paid last year's income taxes but not this year's taxes 2,000 This amount was contributed to the company in prior years 900 This is the balance reported at the end of last year. 75,800 Customers pay cash when they receive services. 6000 Prepaid Rent Accounts Payable Wages Payable ncome Tax Payable Contributed Capita Retained Earnings Service Revenue Wages Expense 29,100 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 30%. Utilities Expense 12,200 Rent Expense 20,000 Supplies 4,800 nSe ncome Tax Expense 80,200 80,200 Totals

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