You are asked to prepare the following statements:

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

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

Note: The following relate to Common Stock

Authorized – 1,000,000 shares

Issued – 100,000 shares

Outstanding – 65,000 shares

Transcribed Image Text:

Account Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Inventory Supplies Prepaid Insurance Prepaid Rent Other Assets Land Rockford Corporation Adjusted Trial Balance December 31, 2019 Buildings Accumulated Depreciation-Buildings Trucks Accumulated Depreciation-Trucks Equipment Accumulated Depreciation-Equipment 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 Discount on Bonds Payable Common Stock-$2.07 Par (1,000,000 authorized, 100,000 issued, 65,000 outstanding) Sales Revenue Sales Discounts Paid-in Capital in Excess of Par-Common Retained Earnings Treasury Stock Dividends 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 Gain on Disposal of Plant Assets Interest Expense Loss on Disposal of Plant Assets Income Tax Expense Total $ Debit 2019 280,178 $ 280,280 104,200 1,281 448,502 830 5,200 3,500 160,000 99,650 306,000 70,500 38,900 - 4,864 125,610 8,740 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 Credit 14,014 - - 91,960 47,540 19,125 15,000 181,549 4,406 9,050 15,335 400 2,600 10,955 8,740 113,000 275,000 207,000 292,400 362,748 5,660,052 - - - - - - 4,431 37,061 500 72,000 $ 7,335,305 $ 7,335,305 Account Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Inventory Supplies Prepaid Insurance Prepaid Rent Other Assets Land Rockford Corporation Adjusted Trial Balance December 31, 2019 Buildings Accumulated Depreciation-Buildings Trucks Accumulated Depreciation-Trucks Equipment Accumulated Depreciation-Equipment 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 Discount on Bonds Payable Common Stock-$2.07 Par (1,000,000 authorized, 100,000 issued, 65,000 outstanding) Sales Revenue Sales Discounts Paid-in Capital in Excess of Par-Common Retained Earnings Treasury Stock Dividends 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 Gain on Disposal of Plant Assets Interest Expense Loss on Disposal of Plant Assets Income Tax Expense Total $ Debit 2019 280,178 $ 280,280 104,200 1,281 448,502 830 5,200 3,500 160,000 99,650 306,000 70,500 38,900 - 4,864 125,610 8,740 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 Credit 14,014 - - 91,960 47,540 19,125 15,000 181,549 4,406 9,050 15,335 400 2,600 10,955 8,740 113,000 275,000 207,000 292,400 362,748 5,660,052 - - - - - - 4,431 37,061 500 72,000 $ 7,335,305 $ 7,335,305

Answer rating: 100% (QA)

Statement of Stockholders Equity for the year ending December 31 2019 Rockf... View the full answer