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:

• Statement of Retained Earnings for the year ending December 31, 2020
• Statement of Stockholders Equity for the year ending 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
		2020
	Account	Debit	Credit
	Cash	$ 280,178	$ -
	Accounts Receivable	280,280	-
	Allowance for Doubtful Accounts		14,014
	Notes Receivable	104,200	-
	Interest Receivable	1,281	-
	Inventory	429,002	-
	Supplies	830	-
	Prepaid Insurance	5,200	-
	Prepaid Rent	3,500	-
	Investments - Trading Securities	165,850	-
	Land	99,650	-
	Buildings	306,000	-
	Accumulated Depreciation-Buildings		91,960
	Trucks	70,500	-
	Accumulated Depreciation-Trucks		47,540
	Equipment	38,900	-
	Accumulated Depreciation-Equipment	-	19,125
	Investments - Available for Sale Securities	40,000
	Notes Payable	-	15,000
	Accounts Payable	-	181,549
	Salaries and Wages Payable	-	4,406
	FICA Taxes Payable		9,050
	Federal Income Taxes Payable	-	-
	Federal Withholding Taxes Payable	-	15,335
	FUTA Payable		400
	SUTA Payable		2,600
	Interest Payable	-	10,955
	Dividends Payable	-	8,740
	Notes Payable-Long Term	-	113,000
	Bonds Payable - $1,000 Par, 6%, Convertible*	-	275,000
	Discount on Bonds Payable	4,864	-
	Preferred Stock-8% $100 Par (10,000 authorized, 1,000 issued & outstanding)**		100,000
	Common Stock-$1 Par (1,000,000 autorized, 100,000 issued, 65,000 outstanding)	-	100,000
	Paid-in Capital in Excess of Par-Preferred	-	10,000
	Paid-in Capital in Excess of Par-Common	-	292,400
	Retained Earnings	-	362,748
	Treasury Stock	125,610	-
	Accumulated Other Comprehensive Income		6,850
	Non-Controlling Interest		25,000
	Dividends	8,740
	Sales Revenue	-	5,660,052
	Sales Discounts	77,281	-
	Sales Returns and Allowances	14,060	-
	Cost of Goods Sold	3,985,262	-
	Advertising Expense	7,678	-
	Bad Debt Expense	13,134	-
	Supplies Expense	4,458	-
	Freight-Out	19,490	-
	Office Expense	1,455	-
	Depreciation Expense	37,745	-
	Insurance Expense	4,365	-
	Salaries and Wages Expense	995,752	-
	Rent Expense	21,910	-
	Payroll Tax Expense	87,441	-
	Utilities Expense	17,478	-
	Interest Revenue	-	4,431
	Net Income (after Tax) on Discontinued Operations	-	15,750
	Interest Expense	37,061	-
	Loss on Disposal of Plant Assets	500	-
	Loss on Disposal - Discontinued Operations (Net of Tax)	24,250
	Income Tax Expense	$ 72,000	$ -
	Total	$ 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