Please use the Adjusted Trial Balance for Rockford Corporation included as a separate Excel file to complete this assignment. Note that the Excel file contains tabs for the individual worksheets designated for each of the required statements or assignments. Please name the workbook you submit as specified below.

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, 2020

Statement of Retained Earnings for the year ending December 31, 2020

Statement of Stockholders Equity for the year ending December 31, 2020

Balance Sheet at December 31, 2020

In addition to the above statements, you are to prepare the journal entries necessary to close the books for Rockford Corporation on December 31, 2020

Rockford Corporation Adjusted Trial Balance December 31, 2020 Credit 2020 Debit 280,178 $ 280,280 $ 14,014 104,200 1,281 429,002 830 5,200 3,500 165,850 99,650 306,000 91,960 70,500 47,540 38,900 19,125 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 FederalIncome 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) 40,000 15,000 181,549 4,406 9,050 15,335 400 2,600 10,955 8,740 113,000 275,000 4,864 100,000 100,000 10,000 292,400 362,748 125,610 6,850 25,000 8,740 5,660,052 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 77,281 14,060 3,985,262 7,678 13,134 4458 19,490 1,455 37,745 4,365 995,752 21,910 87,441 17,478 - 4431 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. **Each share is convertible into two (2) shares of common stock at the