August 31, 2019 Adjusted Trial Balance CHANGES COLUMNS Used ONLY for Statement of cash flows Debit I Credit August 31, 2020 Adjusted Trial Balance 15 16 Acct. No. Account Title Dr. Dr. Cash 563.730.00 347,600.00 100 102 236,130.00 19.500.00 Accounts Receivable, net 445.000.00 425.500.00 104 Merchandise Inventory, net 497,430.00 597,600.00 100,170.00 5,250.00 Office Supplies 6,500.00 Prepaid Expenses 1,250.00 12,500.00 59,650.00 2,000.00 10,500.00 86,450.00 26,800.00 120 122 Equity Investments - Trading Investments - Held to Maturity 23.850,00 32,100.00 55.950.00 Land 500,000.00 1,000,000.00 2,500,000.00 1,500,000.00 3,500,000.00 Building 1,000,000.00 312,500.00 400,000.00 170,000.00 35,000.00 205,000.00 151 152 Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Office Furniture Accumulated Depreciation - Office Furniture 85,000.00 96,000.00 32,500.00 1 8 .125.00 24.375.00 16.250.00 8,125.00 Accounts Payable 356,000.00 37 420.00 393,420.00 Wages Payable Interest Payable Dividends Payable Unearned Rent 6,000.00 4,000.00 2.000.00 6.600.00 Customer Refunds Payable 35,600.00 29,000.00 12,000.00 200,000.00 200,000.00 212,000.00 400,000.00 251 200,000.00 Notes Payable - Long Term Bonds Payable - Long Term Premium on Bonds Payable Discount on Bonds Payable Mortgage (Warehouse) Payable 798,000.00 300 Common Stock $1 Par, 300,000 Author and 21,000 shar e d/Outstanding 15,500.00 81.000.00 248,000.00 65,500.00 1,177.250.00 2,351,400.00 301 1,177,250.00 2,849,810.00 Paid In Capital - Excess of Par Common Stock Retained Earnings Cash Dividends Treasury Stock 340 200,000.00 50,000.00 200,000.00 88,000.00 38,000.00 Sales 3,457,984.00 3,700,000.00 Cost of Goods Sold 1,750,199.00 1,509,195.00 794,515.00 799,500.00 89.000.00 65,000.00 229,000.00 75,000.00 Wage Expense (hourly workers) Salaries Expense (Exempt Staff Marketing Expense Travel and Entertainment Expense Bad Debt Expense Property Tax Expense Office Maintenance & Repair Expense 525.00 85,600.00 9,900.00 6,500.00 111,200.00 150,000.00 30,000.00 Legal Expenses 5,400.00 Insurance Expense 1,500.00 3,500.00 48.905.00 __400.00 53.925.00 ___735.00 10,000.00 Miscellaneous Expense Office Supplies Expense Telecommunications Expense Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Office Furniture 62,500.00 87.500.00 6,000.00 17.000.00 3,250.00 1,625.00 12,000.00|| Rent Income |Realized Gain - Equity Investment Securities - Trading 35,000.00 | 5,000.00 Interest Expense Realized Loss - Held to Maturity Investments 902 61.000.00 30,250.00 10,195,805.000/ 3,148,130.00 4,000.00 8,323,484.000 | 2,959,574.00 Total 10,195,805.000| 3,323,484.000 | 3,457,984.00 | ____498,410.00 3,747,000.00 | Net Income (Loss) 598,870.00 | Instructions: Using the changes columns" and additional information from the adjusted trial balance tab AND the income statement, create a statement of cash flows following the INDIRECT METHOD. Round all amounts to the nearest cent. Follow the below tips the formatting is up to the student. Note that grades are based on organization, formula use, and clarity of financial statement. Other required items: 5 6 a. Only use accounts that have changes or cash flows b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. TIPS PLEASE READ: 1. Correct selection of "Increase" or "Decrease" in accounts must be used as part of the label where applicable 2. Correct use of "cash paid" or "cash received" must be used where applicable 3. Subtotals for each section MUST be properly identified as cash "used in" or "provided by" 4. All changes utilize CASH. There is no GAIN or LOSS from sale of office furniture 5. Net change in cash + beginning cash balance (from a adjusted trial balance August 2019 column) must equal ending cash balance and be included at the bottom of this statement. 8 9 10 11 13 Panther Marine Statement of Cash Flow For the year ended august 31, 2002 $ 598,870.00 87.500.00 6,000.00 1.625.00 16 Cash flows from operating activity 17 net income 18 Adjustments to reconcile Net income from operating activty 19 Accumulated Depreciation - Building 20 Accumulated Depreciation - Equipment 21 Accumulated Depreciation - Office Furniture 22 Changes in current operating assets and liablites 23 decrease in accounts recievable 24 Increase in merchandise invenrory 25 decrease in prepaid expenses 26 increase in accounts payable 27 net cash flow used for operating activities 28 Cash flow from investing activities 29 Cash used for equipment 30 Net cash flow used for investing activities 31 Cash flows from finacing activities 32 cash from the sale of common stock 33 cash used for dividens 34 cash used to retrire mortgage note payable 35 net cash flow from finacing activities 36 decrease in cash 37 cash at the beginning of the year 38 cash at the end of the year 19,500.00 (100,170.00) 2,000.00 37,420.00 O D 652,745.00 35,000.00 35,000.00 100,000.00 $ 1200,000.00 (550,000.00)| (750,000.00) (650,000.00) (236,130.00) 583,730.00 347,600.00 August 31, 2019 Adjusted Trial Balance CHANGES COLUMNS Used ONLY for Statement of cash flows Debit I Credit August 31, 2020 Adjusted Trial Balance 15 16 Acct. No. Account Title Dr. Dr. Cash 563.730.00 347,600.00 100 102 236,130.00 19.500.00 Accounts Receivable, net 445.000.00 425.500.00 104 Merchandise Inventory, net 497,430.00 597,600.00 100,170.00 5,250.00 Office Supplies 6,500.00 Prepaid Expenses 1,250.00 12,500.00 59,650.00 2,000.00 10,500.00 86,450.00 26,800.00 120 122 Equity Investments - Trading Investments - Held to Maturity 23.850,00 32,100.00 55.950.00 Land 500,000.00 1,000,000.00 2,500,000.00 1,500,000.00 3,500,000.00 Building 1,000,000.00 312,500.00 400,000.00 170,000.00 35,000.00 205,000.00 151 152 Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Office Furniture Accumulated Depreciation - Office Furniture 85,000.00 96,000.00 32,500.00 1 8 .125.00 24.375.00 16.250.00 8,125.00 Accounts Payable 356,000.00 37 420.00 393,420.00 Wages Payable Interest Payable Dividends Payable Unearned Rent 6,000.00 4,000.00 2.000.00 6.600.00 Customer Refunds Payable 35,600.00 29,000.00 12,000.00 200,000.00 200,000.00 212,000.00 400,000.00 251 200,000.00 Notes Payable - Long Term Bonds Payable - Long Term Premium on Bonds Payable Discount on Bonds Payable Mortgage (Warehouse) Payable 798,000.00 300 Common Stock $1 Par, 300,000 Author and 21,000 shar e d/Outstanding 15,500.00 81.000.00 248,000.00 65,500.00 1,177.250.00 2,351,400.00 301 1,177,250.00 2,849,810.00 Paid In Capital - Excess of Par Common Stock Retained Earnings Cash Dividends Treasury Stock 340 200,000.00 50,000.00 200,000.00 88,000.00 38,000.00 Sales 3,457,984.00 3,700,000.00 Cost of Goods Sold 1,750,199.00 1,509,195.00 794,515.00 799,500.00 89.000.00 65,000.00 229,000.00 75,000.00 Wage Expense (hourly workers) Salaries Expense (Exempt Staff Marketing Expense Travel and Entertainment Expense Bad Debt Expense Property Tax Expense Office Maintenance & Repair Expense 525.00 85,600.00 9,900.00 6,500.00 111,200.00 150,000.00 30,000.00 Legal Expenses 5,400.00 Insurance Expense 1,500.00 3,500.00 48.905.00 __400.00 53.925.00 ___735.00 10,000.00 Miscellaneous Expense Office Supplies Expense Telecommunications Expense Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Office Furniture 62,500.00 87.500.00 6,000.00 17.000.00 3,250.00 1,625.00 12,000.00|| Rent Income |Realized Gain - Equity Investment Securities - Trading 35,000.00 | 5,000.00 Interest Expense Realized Loss - Held to Maturity Investments 902 61.000.00 30,250.00 10,195,805.000/ 3,148,130.00 4,000.00 8,323,484.000 | 2,959,574.00 Total 10,195,805.000| 3,323,484.000 | 3,457,984.00 | ____498,410.00 3,747,000.00 | Net Income (Loss) 598,870.00 | Instructions: Using the changes columns" and additional information from the adjusted trial balance tab AND the income statement, create a statement of cash flows following the INDIRECT METHOD. Round all amounts to the nearest cent. Follow the below tips the formatting is up to the student. Note that grades are based on organization, formula use, and clarity of financial statement. Other required items: 5 6 a. Only use accounts that have changes or cash flows b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. TIPS PLEASE READ: 1. Correct selection of "Increase" or "Decrease" in accounts must be used as part of the label where applicable 2. Correct use of "cash paid" or "cash received" must be used where applicable 3. Subtotals for each section MUST be properly identified as cash "used in" or "provided by" 4. All changes utilize CASH. There is no GAIN or LOSS from sale of office furniture 5. Net change in cash + beginning cash balance (from a adjusted trial balance August 2019 column) must equal ending cash balance and be included at the bottom of this statement. 8 9 10 11 13 Panther Marine Statement of Cash Flow For the year ended august 31, 2002 $ 598,870.00 87.500.00 6,000.00 1.625.00 16 Cash flows from operating activity 17 net income 18 Adjustments to reconcile Net income from operating activty 19 Accumulated Depreciation - Building 20 Accumulated Depreciation - Equipment 21 Accumulated Depreciation - Office Furniture 22 Changes in current operating assets and liablites 23 decrease in accounts recievable 24 Increase in merchandise invenrory 25 decrease in prepaid expenses 26 increase in accounts payable 27 net cash flow used for operating activities 28 Cash flow from investing activities 29 Cash used for equipment 30 Net cash flow used for investing activities 31 Cash flows from finacing activities 32 cash from the sale of common stock 33 cash used for dividens 34 cash used to retrire mortgage note payable 35 net cash flow from finacing activities 36 decrease in cash 37 cash at the beginning of the year 38 cash at the end of the year 19,500.00 (100,170.00) 2,000.00 37,420.00 O D 652,745.00 35,000.00 35,000.00 100,000.00 $ 1200,000.00 (550,000.00)| (750,000.00) (650,000.00) (236,130.00) 583,730.00 347,600.00