ROCKFORD CORPORATION - Accounting project

PRACTICE SET CHECK FIGURES VERSION SPRING19_A

These check figures are ONLY good for Version A:

Utilize the check figures below as you move through the practice set. DO NOT continue forward of you do not meet the check figure. You will be graded down heavily for continuing with known errors. Treat this practice set like a job assignment – you would not submit something you know has errors in it when you had the opportunity to correct them!

1. Total debit/credit amount for the remaining five general journal entries for December is $81,248. There are five remaining journal entries.

2. For the dividends declared on 12/26 the journal entry should debit "Dividends" and credit "Dividends Payable". You must calculate the number of shares outstanding - use the general ledger information for Treasury Stock AND prior entries in December.

3. Total Trial Balance BEFORE adjusting entries but after journal postings debit/credit total is $7,265,534.

a. Sales Journal Accts Rec/Sales Revenue total is $368,820.

b. Cash Disbursements Journal Cash credit total is $355,467.

c. Cash Receipts Journal Cash debit total is $405,595.

4. Total debit/credit amount for the adjusting journal entries is $136,572 (AFTER the Income Tax Expense adjusting entry).

5. Total Adjusted Trial Balance AFTER adjusting entries debit/credit total is $7,374,246.

6. Net Income, after taxes, is $234,025.

*Note that Selling Expenses for the Income Statement ONLY include the following accounts: Advertising Expense, Rent Expense, and Freight-Out. All other items are Administrative Expenses…except for interest revenue and expense (which are in the "Other" classifications).

**For the EPS calculation on the Income Statement, assume the weighted average number of shares outstanding is 5,000.

7. Final Retained Earnings balance is $583,433.

8. Balance Sheet Total Assets $1,640,069.

9. Post-Closing Trial Balance debit/credit total is $1,924,639.