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Please use the Adjusted Trial Balance for Rockford Corporation included as a separate Excel file to complete this assignment.

In addition to the content, you will be assessed on your mastery of the following skills: (1) correct data entry, (2) correct and accessible formulas, (3) formatting of column headings and labels, (4) merger and centering of titles, and (5) overall spreadsheet formatting and printing.

You are asked to prepare the following statements:

Income Statement for the year ending December 31, 2019

Statement of Retained Earnings for the year ending December 31, 2019

Statement of Stockholders Equity for the year ending December 31, 2019

Balance Sheet at December 31, 2019

In addition to the above statements, you are to prepare the journal entries necessary to close the books for Rockford Corporation on December 31, 2019

Note: The following relates to Common Stock

Authorized 1,000,000 shares

Issued 100,000 shares

Outstanding 65,000 shares

1 2 Rockford Corporation Adjusted Trial Balance December 31, 2019 4 Credit 2019 Debi 280.178 5 280,280 5 S 14,014 7 8 9 10 11 12 13 104,200 1.28: 429.002 830 5.200 3.500 165,850 99,650 306,000 91.960 15 16 17 18 19 20 21 22 23 70,500 47,540 38.900 19,125 40,000 15.000 181,549 4406 9,050 25 26 27 28 29 30 3: 32 33 Account Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Inventory Supplies Prepaid Insurance Prepaid Rent Investments - Trading Securities Land Buildings Accumulated Depreciation Buildings Trucks Accumulated Depreciation-Trucks Equipment Accumulated Depreciation Equipment Investments - Available for Sale Securities Notes Payable Accounts Payable Salaries and Wages Payable FICA Taxes Payable Federal Income Taxes Payable Federal Withholding Taxes Payable FUTA Payable SUTA Payable Interest Payable Dividends Payable Notes Payable-Long Term Bonds Payable - $1,000 Par, 6. Convertible Discount on Bonds Payable Preferred Stock-8% $100 Par (10,000 authorized, 1,000 issued & outstanding) Common Stock-$1 Par (1,000,000 autorized, 100,000 issued, 65,000 outstanding Paid-in Capital in Excess of Par-Preferred Paid-in Capital in Excess of Par-Common Retained Earning Treasury Stock Accumulated Other Comprehensive income Non-Controlling interest Dividends Sales Revenue Sales Discounts Sales Returns and Allowances Cost of Goods Sold Advertising Expense Bad Debt Expense Supplies Expense 15,335 400 2,600 10,955 8,740 113.000 275.000 . 35 36 4864 37 100,000 100,000 38 39 40 10,000 292.400 362,748 42 125,610 6.850 25,000 8,740 5,660,052 44 45 46 47 48 49 50 51 52 77,281 14,060 3,985,262 7,678 13,134 4458 A B D E 9,050 27 28 29 30 31 32 33 34 35 36 15,335 400 2,600 10,955 8,740 113,000 275,000 4,864 37 100,000 100,000 38 39 40 41 42 43 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 FICA Taxes Payable Federal Income Taxes Payable Federal Withholding Taxes Payable FUTA Payable SUTA Payable Interest Payable Dividends Payable Notes Payable-Long Term Bonds Payable - $1,000 Par, 6%, Convertible Discount on Bonds Payable Preferred Stock-8% $100 Par (10,000 authorized, 1,000 issued & outstanding) Common Stock-$1 Par (1,000,000 autorized, 100,000 issued, 65,000 outstanding) Paid-in Capital in Excess of Par-Preferred Paid-in Capital in Excess of Par-Common Retained Earnings Treasury Stock Accumulated Other Comprehensive Income Non-Controlling Interest Dividends Sales Revenue Sales Discounts Sales Returns and Allowances Cost of Goods Sold Advertising Expense Bad Debt Expense Supplies Expense Freight-Out Office Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Rent Expense Payroll Tax Expense Utilities Expense Interest Revenue Net Income (after Tax) on Discontinued Operations Interest Expense Loss on Disposal of Plant Assets Loss on Disposal - Discontinued Operations (Net of Tax) Income Tax Expense Total 10,000 292,400 362,748 125,610 6,850 25,000 8,740 5,660,052 77,281 14,060 3,985,262 7,678 13,134 4,458 19,490 1,455 37,745 4,365 995,752 21,910 87,441 17,478 4,431 15,750 37,061 500 24,250 72,000 $ 7,385,905 $ 7,385,905 *Each bond is convertible into twenty (20) shares of common stock at the discretion of the bond holder

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