Using Adjusted Trial Balance for Rockford Corporation included as a separate Excel file to complete this assignment. Prepare the following statements: Statement of Retained Earnings
Using Adjusted Trial Balance for Rockford Corporation included as a separate Excel file to complete this assignment. Prepare the following statements: Statement of Retained Earnings for the year ending December 31, 2019
Note: The following relates to Common Stock ( Authorized 1,000,000 shares, Issued 100,000 shares, Outstanding 65,000 shares)
Credit 14,014 4,864 Adjusted Trial Balance December 31, 2019 2019 Account Debit Cash 280.178 S Accounts Receivable 280.280 Allowance for Doubtful Accounts 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 Trucks 70.500 Accumulated Depreciation-Trucks Equipment 38,900 Accumulated Depreciation Equipment lavestments - Available for Sale Securities 40 000 Notes Payable Accounts Payable Salaries and Wages Payable FICA Taxes Payable Federal Income Taxes Payable Federal Withilolding Taxes Payable FUTA Payable SUTA Payable - Interest Payable Dividends Payable Notes Payable-Long Tenu Bouds Payable - $1,000 par, 6%, Convertibl Discount on Bouds l'ayable Preferred Stock-3% 3100 Par (10,000 authorized, 1.000) inste & mutstanding) Common Stock $1 Por(1,000,000 autorized. 100.000 issued, 65,000 outstandinp) Pand-in Capital in Excess of 'ne-Preferred Paid-in Capital in Excess of Par-Common Retained Eatings Treasury Stock Accumulated Other Comprcbensive Income Non-Controlling Interest Dividends Sales Revente Sales Discounts Sales Returns and Allowances 10955 Cost of Goods Sold 3,740 Advertising Expense 113,000 Rad Debt Expense 275,000 Supplies Expense Freight-Out Office Expense 100,000 Depreciation Expense Insurance Expense 100,000 Salaries and Wages Expense Rent Expense Payroll Tax Expense 10,000 Utilities Expense 292.100 laterest Revenue 362,748 Net Income (after Tax) on Discontioned Ope Interest Expense 6,850 Loss on Disposal of Plant Assets 25,000 Loss on Disposal - Discontinued Operations Income Tax Expense 5,660,052 Total S 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 91.960 4.431 15.750 47.540 125610 37,061 500 19.125 8,740 24,250 72,000 7,385.905 5 7,385.905 15.000 181.549 4.106 9.050 77.281 14,060 *Each bond is convertible into twenty (20) shares of common stock at the discretion of the bond holder 15,335 400 2.600 Credit 14,014 4,864 Adjusted Trial Balance December 31, 2019 2019 Account Debit Cash 280.178 S Accounts Receivable 280.280 Allowance for Doubtful Accounts 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 Trucks 70.500 Accumulated Depreciation-Trucks Equipment 38,900 Accumulated Depreciation Equipment lavestments - Available for Sale Securities 40 000 Notes Payable Accounts Payable Salaries and Wages Payable FICA Taxes Payable Federal Income Taxes Payable Federal Withilolding Taxes Payable FUTA Payable SUTA Payable - Interest Payable Dividends Payable Notes Payable-Long Tenu Bouds Payable - $1,000 par, 6%, Convertibl Discount on Bouds l'ayable Preferred Stock-3% 3100 Par (10,000 authorized, 1.000) inste & mutstanding) Common Stock $1 Por(1,000,000 autorized. 100.000 issued, 65,000 outstandinp) Pand-in Capital in Excess of 'ne-Preferred Paid-in Capital in Excess of Par-Common Retained Eatings Treasury Stock Accumulated Other Comprcbensive Income Non-Controlling Interest Dividends Sales Revente Sales Discounts Sales Returns and Allowances 10955 Cost of Goods Sold 3,740 Advertising Expense 113,000 Rad Debt Expense 275,000 Supplies Expense Freight-Out Office Expense 100,000 Depreciation Expense Insurance Expense 100,000 Salaries and Wages Expense Rent Expense Payroll Tax Expense 10,000 Utilities Expense 292.100 laterest Revenue 362,748 Net Income (after Tax) on Discontioned Ope Interest Expense 6,850 Loss on Disposal of Plant Assets 25,000 Loss on Disposal - Discontinued Operations Income Tax Expense 5,660,052 Total S 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 91.960 4.431 15.750 47.540 125610 37,061 500 19.125 8,740 24,250 72,000 7,385.905 5 7,385.905 15.000 181.549 4.106 9.050 77.281 14,060 *Each bond is convertible into twenty (20) shares of common stock at the discretion of the bond holder 15,335 400 2.600
