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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

Solutions

Expert Solution

1.The total of the Adjusted Trial Balance columns

Trial balance on 31/12/2022
Account Debit Credit
Retained Earnings (1/1/22) $        161
Accounts Payable $           25
Cash $           75
Unearned Service Revenue $           21
Accounts Receivable $           28
Salaries Expense $         170
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
Common Stock $           50
Total $         736 $        736

2.2022 Income Statement

Income statement for the year ending December 31
Particular Amount
Service revenue $         350
Less: Operating expense
Depreciation Expense: Equip. $           40
Cleaning Supplies $           95
Salaries Expense $         170
Net Income $           45

3.2022 Statement of Retained Earnings

Statement of Retained Earnings
Particular Amount
Retained Earnings on 01/01/2022 $         161
Add: Income $           45
Less: Dividend $           25
Retained Earnings on 31/12/2022 $         181

4.12/31/22 Balance Sheet

Balance Sheet
Particular Amount
Shareholder's Fund
Common Stock 50
Retained Earnings 181
Current Liabilities
Accounts Payable 25
Unearned Service Revenue 21
Salaries Payable 9
Total 286
Non Current Assets
Equipment 160
Current Assets
Cash 75
Accounts receivable 28
Rent prepaid 8
Cleaning supplies 15
Total 286

ekkarill92 answered 2 years ago
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