ACCOUNTS PAYABLE SUBSIDIARY LEDGER
BALANCE
26400
DATE EXPLANATION REF. DEBIT CREDIT
2014
11/30 Balance ✔
ACCOUNT: Oxenford Copperworks 35
BALANCE
DATE EXPLANATION REF. DEBIT CREDIT
2014
ACCOUNT: Ron & Rod’s Plumbing Products 44
BALANCE
DATE EXPLANATION REF. DEBIT CREDIT
2014
ACCOUNT: Khatan Steel Corp. 57
BALANCE
38100
DATE EXPLANATION REF. DEBIT CREDIT
2014
11/30 Balance ✔
ACCOUNT: Smith Pipe Company 39
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
BALANCE
DATE EXPLANATION REF. DEBIT CREDIT
2014
ACCOUNT: Northern Electric Co. (Student #)
BALANCE
DATE EXPLANATION REF. DEBIT CREDIT
2014
ACCOUNT: City of Rockford (Student #)
TEN-COLUMN WORKSHEET
ACCOUNT TITLES TRIAL BALANCE ADJUSTMENTS
DR. CR. DR. CR.
Cash 277753
Petty Cash 2 2 5
Supplies 3680
Prepaid Insurance 11020
Prepaid Rent 25410
Salaries and Wages Payable
FICA Taxes Payable 7770
Income Taxes Payable
Notes Payable (LT Liability) 113000
Bonds Payable 275000
Discount on Bonds Payable 6400
Common Stock 207000
Paid-in Cap. in Excess of Stated Value 292400
(b) 2870
(c) 5820
(h) 22610
(d) 4210
(d) 4 1 0
(e) 4 1 0
(f) 1536
ROCKFORD
TEN-COLUMN WORKSHEET
ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
DR. CR. DR. CR. DR. CR.
277753
225
275280
84112
38900
19125
70500
47825
15000
113000
275000
4864
207000
292400
277753
225
275280
84112
38900
19125
70500
47825
15000
113000
275000
4864
207000
292400
CORPORATION
DECEMBER 31, 2014 Page 1 of 2
ACCOUNT TITLES TRIAL BALANCE ADJUSTMENTS
DR. CR. DR. CR.
Cost of Goods Sold 3 969262
Advertising Expense 7678
Bad Debt Expense
Gain on Disposal of Plant Assets
Interest Expense 24570
Loss on Disposal of Plant Assets 5 0 0
Income Tax Expense 72000
(a) 83232
(f) 12205
(f) 1536
(g) 1740
ROCKFORD
TEN-COLUMN WORKSHEET
ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
DR. CR. DR. CR. DR. CR.
3 969262
7678
83232
4615
40051
500
72000
7 382723 7 382723 1 931139 1 738056
21100
3 969262
7678
83232
4615
40051
500
72000
5 451584 5 644667
21100
CORPORATION
DECEMBER 31, 2014 Page 2 of 2
107A
SCHEDULES AND FINANCIAL STATEMENTS
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS PAYABLE
SCHEDULE OF ACCOUNTS RECEIVABLE
117 Boecker Builders 4 9040
122 The Potts Company 2 6770
133 Swanson Brothers Construction 2 4650
275280
SCHEDULE OF ACCOUNTS PAYABLE
14 Phoenix Plastics 48330
16 Business Basics, Inc. 5500
18 Edward’s Plumbing Supplies, Inc. 4 0820
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS PAYABLE
109A
Revenues
Sales
Less: Sales returns and allowances $ 1 4 0 6 0
Less: Sales discounts 7 7 1 8 1
Net sales
Administrative expenses
Depreciation expense 3 8 0 3 0
Bad debt expense 8 3 2 3 2
Insurance expense 4 6 5 6
Salaries and wages expense 9 9 2 4 5 2
Other expenses and losses
Interest expense 4 0 0 5 1
Loss on disposal of plant assets 5 0 0
Income before income taxes
$5 640052
91241
5 548811
305634
(40551)
265083
Rockford Corporation
Income Statement
For the Year Ended December 31, 2014 Page 1 of 2
Beginning balance, January 1, 2014 $36 2748
Net income 171983
Rockford Corporation
Statement of Retained Earnings
For the Year Ended December 31, 2014
Assets
Current assets
Cash
Accounts receivable $ 2 7 5 2 8 0
Investments
Other Assets
Property, plant, and equipment
Land 99650
Rockford Corporation
Balance Sheet
December 31, 2014 Page 1 of 2
$ 277978
160000
111A
$ 15000
176600
383136
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable
Accounts payable
Long-term liabilities
Notes payable $ 1 1 3 0 0 0
Bonds payable $ 2 7 5 0 0 0
Less discount on bonds payable 4 8 6 4 2 7 0 1 3 6
Total long-term liabilities
Rockford Corporation
Balance Sheet
December 31, 2014 Page 2 of 2
Cash flows from operating activities
Net income
Adjustments to reconcile net income to net cash provided
by operating activities
Increase in income taxes payable 5 3 1 1
Increase in salaries and wages payable 2 3 0 4
Decrease in accounts receivable (net) 4 8 9 5 5
Decrease in inventory 1 3 5 8
Increase in notes receivable ( 6 4 2 0 0 )
Increase in prepaid insurance ( 1 9 8 0 )
Net increase in cash
Beginning cash balance
Ending cash balance
Noncash investing and financing activities
Purchase of land using common stock (note 2)
Purchase of computer on account (note 3)
Declaration of cash dividend
$ 171983
238218
39760
$ 277978
$ 54000
5500
8280
$ 67780
Rockford Corporation
Statement of Cash Flows
For the Year Ended December 31, 2014
113A
101 Cash $27 7753
105 Petty Cash 2 2 5
112 Accounts Receivable 27 5280
140 Land 9 9650
145 Buildings 30 6000
146 Accumulated Depreciation–Buildings 9 1960
151 Equipment 3 8900
224 FUTA Taxes Payable 400
226 SUTA Taxes Payable 2600
230 Interest Payable 13945
250 Dividends Payable 8280
268 Notes Payable (LT Liability) 11 3000
270 Bonds Payable 275000
273 Discount on Bonds Payable 4864
311 Common Stock 207000
Rockford Corporation
Post-Closing Trial Balance
December 31, 2014