ACCOUNTS PAYABLE SUBSIDIARY LEDGER
BALANCE
DATE EXPLANATION REF. DEBIT CREDIT
2014
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
DATE EXPLANATION REF. DEBIT CREDIT
2014
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 WORK SHEET
ACCOUNT TITLES TRIAL BALANCE ADJUSTMENTS
DR. CR. DR. CR.
Cash 237753
Petty Cash 2 2 5
Supplies 3680
Prepaid Insurance 11020
Prepaid Rent 25410
Other Assests 160000
Land 99650
Salaries and Wages Payable
FICA Taxes Payable 7770
Income Taxes Payable
Federal Withholding Taxes Payable 9663
State Withholding Taxes Payable 4418
FUTA Taxes Payable 4 0 0
SUTA Taxes Payable 2600
Interest Payable
Dividends Payable 8280
Notes Payable (LT Liability) 113000
Bonds Payable 275000
(b) 2870
(d) 5820
(i) 22610
(e) 4210
(e) 4 1 0
(f) 4 1 0
(e) 9 8 0
(e) 2 0 0
(g) 12205
(h) 1740
ROCKFORD
TEN-COLUMN WORK SHEET
45A
ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
DR. CR. DR. CR. DR. CR.
237753
225
275280
91960
38900
19125
70500
47825
8280
113000
275000
4864
207000
292400
362748
237753
225
275280
91960
38900
19125
70500
47825
8280
113000
275000
4864
207000
292400
362748
CORPORATION
DECEMBER 31, 2014 Page 1 of 2
ACCOUNT TITLES TRIAL BALANCE ADJUSTMENTS
DR. CR. DR. CR.
Purchases 3 962380
Purchases Returns and Allow. 29070
Salaries and Wages Expense 986652
Rent Expense
Payroll Tax Expense 86801
Utilities Expense 16669
Interest Revenue 3150
Gain on Disposal of Plant Assets
Net Income
Totals
(e) 5800
(i) 22610
(f) 4 1 0
(j) 8 6 0
(h) 1465
ROCKFORD
TEN-COLUMN WORK SHEET
ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
DR. CR. DR. CR. DR. CR.
3 962380
29070
38030
4656
992452
22610
87211
17529
4615
3 962380
29070
38030
4656
992452
22610
87211
17529
4615
CORPORATION
DECEMBER 31, 2014 Page 2 of 2
SCHEDULES AND FINANCIAL STATEMENTS
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS PAYABLE
INCOME STATEMENT
SCHEDULE OF ACCOUNTS RECEIVABLE
117 Boecker Builders 4 9040
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
Revenues
Sales
Less: Sales returns and allowances $ 1 4 0 6 0
Less: Sales discounts 7 7 1 8 1
Less: Purchase discounts ( 6 9 2 2 6 )
Net purchases 3 8 6 4 0 8 4
Plus freight-in 2 2 8 2 0 3 8 8 6 9 0 4
Goods available for sale 4 4 1 8 8 6 4
Less ending inventory 5 5 8 2 0 0
Gross profit
Selling expenses
Advertising expense 7 6 7 8
Miscellaneous expense 1 1 6 4
Rent expense 2 2 6 1 0
$5 640052
91241
3 860664
1 688147
Rockford Corporation
Income Statement
For the Year Ended December 31, 2014 Page 1 of 2
$ 409617
4615
414232
(continued from page 51A)
Income from operations
Other revenues and gains
Interest revenue
Rockford Corporation
Income Statement
For the Year Ended December 31, 2014 Page 2 of 2
53A
Beginning balance, January 1, 2014 $36 2748
Net income 236764
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
Buildings $ 3 0 6 0 0 0
Rockford Corporation
Balance Sheet
December 31, 2014 Page 1 of 2
$ 237978
160000
$ 15000
176600
4210
652939
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable
Accounts payable
Salaries and wages payable
Total liabilities
Stockholders’ equity
Common stock, $30 stated value, 10,000 shares
authorized, 6,900 shares issued and 5,200
shares outstanding 2 0 7 0 0 0
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
Depreciation expense $ 3 8 0 3 0
Increase in inventory ( 2 6 2 4 0 )
Increase in prepaid insurance ( 1 9 8 0 )
Increase in interest receivable ( 8 8 5 )
Net cash from operating activities
Cash flows from investing activities
Net increase in cash
Beginning cash balance
Ending cash balance
Noncash investing and financing activities
Purchase of land using common stock (note 2)
$ 236764
28304
265068
198218
39760
$ 237978
$ 54000
Rockford Corporation
Statement of Cash Flows
For the Year Ended December 31, 2014
Note 1. The increase in accounts payable is $90,248; however $5,500 of this related to the purchase of the computer
and only $84,748 related to operations.
101 Cash $23 7753
105 Petty Cash 2 2 5
140 Land 9 9650
145 Buildings 30 6000
146 Accumulated Depreciation–Buildings 9 1960
151 Equipment 3 8900
152 Accumulated Depreciation–Equip. 1 9125
226 SUTA Taxes Payable 2600
230 Interest Payable 13945
250 Dividends Payable 8280
268 Notes Payable (LT Liability) 11 3000
270 Bonds Payable 275000
Rockford Corporation
Post-Closing Trial Balance
December 31, 2014