| 5. Complete Statement of CF June 2017 worksheet: create a statement of cash flows using the INDIRECT method. | Panther Marine Corporation | | For the Years Ended June 30, 2016 and 2017 | | Instructions: Below are the adjusted trial balances for the years ended June 30, 2016 and 2017. The outlined cells in the changes columns MUST be completed for the statement of cash flows. Use formulas to find the debit OR credit changes in identfied cells. USE the June 30, 2017 adjusted trial balance columns to create the financial statements. DO NOT COMPLETE CELLS THAT ARE GRAYED OUT. | | | | June 30, 2016 | | | June 30, 2017 | | | | Adjusted | | | Adjusted | | | | Trial Balance | Changes | Trial Balance | | Acct. No. | Account Title | Dr. | Cr. | Debit | Credit | Dr. | Cr | | 100 | Cash | 562,480.00 | | (183,490.91) | | 378,989.09 | | | 102 | Accounts Receivable | 822,633.00 | | (67,233.00) | | 755,400.00 | | | 103 | Allowance for Doubtful Accounts | | 25,643.00 | | (5,826.11) | | 19,816.89 | | 104 | Merchandise Inventory | 440,980.00 | | (94,630.00) | | 346,350.00 | | | 105 | Estimated Returns Inventory | 56,450.00 | | (12,909.00) | | 43,541.00 | | | 106 | Office Supplies | 1,250.00 | | 1,215.00 | | 2,465.00 | | | 107 | Prepaid Insurance | 12,500.00 | | (2,000.00) | | 10,500.00 | | | 120 | Investments - Trading | 45,000.00 | | 15,000.00 | | 60,000.00 | | | 121 | Investments - Available for Sale | 14,650.00 | | 11,800.00 | | 26,450.00 | | | 122 | Investments - Held to Maturity | 23,850.00 | | 16,155.01 | | 40,005.01 | | | 123 | Valuation Allowance | 27,000.00 | | | 62,000.00 | | 35,000.00 | | 140 | Land | 1,743,777.65 | | 761,777.36 | | 2,505,555.01 | | | 145 | Building | 1,893,723.48 | | (50,000.00) | | 1,843,723.48 | | | 146 | Accumulated Depreciation - Building | | 1,504,955.01 | | | | 1,500,000.00 | | 151 | Equipment | 51,000.00 | | 10,000.00 | | 61,000.00 | | | 152 | Accumulated Depreciation - Equipment | | 28,000.00 | | | | 30,000.00 | | 153 | Office Furniture | 32,500.00 | | (10,000.00) | | 22,500.00 | | | 154 | Accumulated Depreciation - Office Furniture | | 3,500.00 | | | | 4,500.00 | | 201 | Accounts Payable | | 1,156,000.00 | | (251,150.00) | | 904,850.00 | | 202 | Wages Payable | | - | | | | - | | 203 | Interest Payable | | - | | | | - | | 204 | Dividends Payable | | - | | | | - | | 205 | Unearned Rent | | 6,000.00 | | (2,000.00) | | 4,000.00 | | 206 | Customer Refunds Payable | | 35,682.00 | | (6,654.40) | | 29,027.60 | | 250 | Notes Payable | | 12,000.00 | | 200,000.00 | | 212,000.00 | | 251 | Bonds Payable | | 200,000.00 | | 200,000.00 | | 400,000.00 | | 252 | Premium on Bonds Payable | | - | | | | - | | 253 | Discount on Bonds Payable | - | | | | - | | | 252 | Mortgage (Warehouse) Payable | | 248,000.00 | | (50,000.00) | | 198,000.00 | | 300 | Common Stock, $1 Par, 100,000 Authorized; 65,500 shares Issued/Outstanding | | 50,000.00 | | 15,500.00 | | 65,500.00 | | 301 | Paid In Capital - Excess of Par | | 356,000.00 | | 154,544.99 | | 510,544.99 | | 330 | Retained Earnings | | 2,388,379.11 | | | | 2,140,014.12 | | 331 | Cash Dividends | - | | 100,000.00 | | 100,000.00 | | | 340 | Treasury Stock | 38,000.00 | | (20,000.00) | | 18,000.00 | | | 341 | Unrealized (Gain) Loss Available for Sale Securities | - | - | | | - | - | | 500 | Sales | | 1,142,580.00 | | | | 1,468,529.98 | | 600 | Cost of Goods Sold | 450,199.00 | | | | 482,159.00 | | | 700 | Wage Expense (hourly workers) | 594,515.01 | | | | 399,500.00 | | | 701 | Salaries Expense (Exempt Staff) | 89,000.00 | | | | 129,000.00 | | | 702 | Marketing Expense | 65,000.00 | | | | 75,000.00 | | | 703 | Travel and Entertainment Expense | 525.00 | | | | 925.00 | | | 704 | Bad Debt Expense | 5,816.88 | | | | 9,816.88 | | | 705 | Property Tax Expense | 111,104.10 | | | | - | | | 706 | Office Maintenance & Repair Expense | - | | | | - | | | 707 | Legal Expenses | - | | | | 5,400.00 | | | 708 | Insurance Expense | 1,500.00 | | | | 3,500.00 | | | 709 | Utilities Expense | 48,985.00 | | | | 68,624.12 | | | 710 | Office Supplies Expense | 400.00 | | | | 735.00 | | | 711 | Telecommunications Expense | - | | | | 100.00 | | | 712 | Depreciation Expense - Building | - | | | | 100,000.00 | | | 713 | Depreciation Expense - Equipment | 4,000.00 | | | | 2,000.00 | | | 714 | Depreciation Expense - Office Furniture | 500.00 | | | | 1,000.00 | | | 800 | Rent Income | | - | | | | 2,000.00 | | 801 | Unrealized Gain - Trading Securities | | - | | | | 6,000.00 | | 802 | Realized Gain - Investment Securities | | - | | | | 51,955.01 | | 900 | Interest Expense | 5,400.00 | | | | 12,500.00 | | | 901 | Unrealized Loss - Trading Securities | 10,000.00 | | | | 68,000.00 | | | 902 | Realized Loss - Investment Securities | 4,000.00 | | | | 9,000.00 | | | | Total | 7,156,739.120 | 7,156,739.120 | | | 7,581,738.590 | 7,581,738.590 | | | | 1,390,944.99 | 1,142,580.00 | | | 1,367,260.00 | 1,528,484.99 | | | Net Income (Loss) | | (248,364.99) | | | | 161,224.99 | | | Total | | | | | | | | | Difference | Panther Marine | | Instructions: Using the "June 30, 2017 adjusted trial balance" information complete a multistep income statement. Expenses do NOT have to be organized into general and administrative or selling categories (use categories listed below). Round all amounts to the nearest cent. The rest of the formatting is up to the student. Note that grades are based on organization and clarity of this financial statement. The only other requirements are the following items: | | a. ONLY use accounts that have adjusted balances | | | | b. Proper report title | | c. Separate expenses between operating and other expenses/losses | | d. Separate revenue between sales and other revenues/gains | | e. Gross profit and income from operations must be included | | f. Net income (loss) must be the last item on this financial statement. | Panther Marine | | Instructions: Using the "June 30, 2017 adjusted trial balance" information AND income statement complete the statement of retained earnings. Round all amounts to the nearest cent. The rest of the formatting is up to the student. Note that grades are based on organization and clarity of this financial statement. The only other requirements are the following items: | | a. ONLY use accounts that have adjusted balances | | | | b. Proper report title | | c. Net increase or decrease in retained earnings | | d. Beginning balance July 1, 2016 (Hint: this is not the same as June 30, 2016 balance) | | e. Cash dividends and net income (loss) | Panther Marine | | Instructions: Using the "June 30, 2017 adjusted trial balance" information AND statement of retained earnings complete a classified balance sheet. Round all amounts to the nearest cent. The rest of the formatting is up to the student. Note that grades are based on organization and clarity of this financial statement. The only other requirements are the following items: | | a. ONLY use accounts that have adjusted balances | | | | | b. Proper report title | | c. Classified asset categories: current assets; Property, Plant, and Equipment; other assets | | d. Classified liability categories: current liabilities and long-term liabilities. ASSUME note payable is long-term. | | e. Stockholder's Equity MUST include ending retained earnings balance | | Instructions: Using the "changes columns" from the adjusted trial balance worksheet AND the below additional information to create a statement of cash flows using the INDIRECT METHOD. Round all amounts to the nearest cent. The rest of the formatting is up to the student. Note that grades are based on organization and clarity of this financial statement. Other required items and additional information are: | | a. Only use accounts that have changes or cash flows | | b. Proper report title | | c. Net change in cash, beginning cash balance, ending cash balance and cash per balance sheet MUST be included | | d. All cash flow activities must be identified, organized, totaled, and clearly labeled | | e. Assume all investment changes utilized only cash | | f. Valuation allowance change is an investing activity | | g. Assume all financing changes utilized only cash | | h. Panther Marine considers bonds and notes as financing activities | | | | | | | | | | - | | | | | |
