Complete the balance sheet for Panther Marine using the information from the adjusted trial balance "changes" columns and the statement of retained earnings. *see the full instructions above the balance sheet. All items required are below in this order: adjusted trial balance, statement of retained earnings and balance sheet. Please check work on adjusted trial balance and balance sheet. Note- the instructor states to not complete the adjustments on the adjusted trial balance from sales down to total. These items should be reflected on the income statment.

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 identified "changes" columns MUST be completed in order to complete the statement of cash flows (DO NOT COMPLETE greyed out cells). USE the June 30, 2017 adjusted trial balance columns to create the financial statements.
										June 30, 2016				June 30, 2017
										Adjusted				Adjusted
		June 30, 2016 Trial Balance		Changes		June 30, 2017 Trial Balance
Acct. No.	Account Title	Dr.	Cr.	Debit	Credit	Dr.	Cr
100	Cash	562,480.00			78,535.90	483,944.10
102	Accounts Receivable	822,633.00			67,223.00	755,400.00
103	Allowance for Doubtful Accounts		25,643.00	5,826.11			19,816.89
104	Merchandise Inventory	440,980.00				440,980.00
105	Estimated Returns Inventory	56,450.00				56,450.00
106	Office Supplies	1,250.00				1,250.00
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	1,753,367.63		247,232.37		2,000,600.00
145	Building	1,893,723.48			50,000.00	1,843,723.48
146	Accumulated Depreciation - Building		1,400,000.00		100,000.00		1,500,000.00
151	Equipment	51,000.00		10,000.00		61,000.00
152	Accumulated Depreciation - Equipment		28,000.00		2,000.00		30,000.00
153	Office Furniture	32,500.00			10,000.00	22,500.00
154	Accumulated Depreciation - Office Furniture		3,500.00		1,000.00		4,500.00
201	Accounts Payable		1,156,000.00				1,156,000.00
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				356,000.00
330	Retained Earnings		2,397,969.09				2,397,969.09
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				1,358,940.00
600	Cost of Goods Sold	450,199.00				582,159.00
700	Wage Expense (hourly workers)	489,560.00				599,500.00
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	7,061,374.090	7,061,374.090			7,588,062.590	7,826,708.590
	Net Income (Loss)
	Total
	Difference

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 Corporation
Retained Earnings Statement
For the Year Ended June 30, 2017
Beginning Balance, Retained Earnings July 1, 2016	2,397,969.09
Less: Net Income (Loss)	(248,364.99)
Less: Cash Dividends	(100,000.00)
	2,049,604.10
Net Decrease in Retained Earnings		(348,365.00)
Ending Balance, Retained Earnings June 30, 2017		2,049,604.10

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
Panther Marine Corporation
Balance Sheet
For the Year Ended June 30, 2017