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The adjusted 12/31/22 Trial Balance for Sirius Corporation included these accounts and balances. All accounts have...

The adjusted 12/31/22 Trial Balance for Sirius Corporation included these accounts and balances. All accounts have a normal balance. No other accounts existed.

Retained Earnings (1/1/22)

$161

Salaries Expense

$170

Accounts Payable

$25

Common Stock

$50

Cash

$75

Accounts Receivable

$28

Unearned Service Revenue

$21

Salaries Payable

$9

Dividends

$25

Prepaid Rent

$8

Depreciation Expense: Equip.

$40

Cleaning Supplies

$15

Service Revenue

$350

Accumulated Depreciation: Equip.

$120

Cleaning Supplies Expense

$95

Equipment

$280
  1. Determine the total of the Adjusted Trial Balance columns.
  2. In proper format, prepare the Sirius Corporation:
    • 2022 Income Statement
    • 2022 Statement of Retained Earnings
    • 12/31/22 Balance Sheet

  • Section 2: The Lerxst Company records these journal entries:

    Depreciation

    $75

    Accrued Expense

    $18

    Earned portion of Unearned Revenue

    $95
    Dividends declared but not paid $25

    Indicate the net effect of these journal entries on the following items. Indicate the dollar amount of the effect and the direction of the effect. (Example: $13 Increase, or $8 Decrease, or No Effect.)

  • Net Income
  • Total Assets
  • Total Liabilities
  • Retained Earnings
  • Total Equity
  • Working Capital

  • Section 3:

    The Dirk Company fails to record these journal entries:

    Accrued revenue $65
    Payment of previously declared dividend $35
    Expiration of prepaid rent $28

    Determine the net effect of these errors on the following items. Indicate the dollar amount of the error and the direction of the error. (Example: $17 overstated, or $12 understated, or No Error.)

  • Net Income
  • Total Liabilities
  • Total Assets
  • Retained Earnings

Solutions

Expert Solution

2.

3.

ekkarill92 answered 3 years ago
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