Davenport Docking Corporation
For the Years Ended July 31, 2019 and 2020
To complete part 2 Follow IN ORDER:
1. Create multi-step Income Statement using the July 31, 2020 adjusted balances AND formatting information from IS tab.
2. Create statement of retained earnings using July 31, 2020 adjusted balances AND formatting information from stmnt of RE tab.
3. Create classified balance sheet using July 31, 2020 adjusted balances AND formatting information from BS tab.
4. Create statement of cash flows using the income statement, the "changes" columns from below, and the additional notes to the right of July 31, 2020 adjusted trial balance columns. To complete the "changes" columns and the statement of cash flows:
a. Input a formula in either the debit column OR the credit column to find the change in account balance from July 2019 to July 2020.
b. Only complete the "changes" cells that are outlined and have 2019 beginning balances and 2020 ending balances. Do not find changes in cells that are grayed out.
c. Use the "changes" amounts to create the statement of cash flows. Amounts from the income statement will also be needed.
d. Pay attention to statement of cash flows additional information columns below. These give hints.
		July 31, 2019	CHANGES COLUMNS Used ONLY for Statement of cash flows	July 31, 2020
		Adjusted	Adjusted
		Trial Balance	Trial Balance
Acct. No.	Account Title	Dr.	Cr.	Debit	Credit	Dr.	Cr
100	Cash	583,730.00		21,470.00		605,200.00
102	Accounts Receivable, net	445,000.00		(19,500.00)		425,500.00
104	Merchandise Inventory, net	497,430.00		100,170.00		597,600.00
106	Office Supplies	1,250.00		5,250.00		6,500.00
107	Prepaid Expenses	12,500.00		(2,000.00)		10,500.00
120	Equity Investments - Trading	59,650.00		26,800.00		86,450.00
122	Investments - Held to Maturity	23,850.00		32,100.00		55,950.00
140	Land	1,000,000.00		500,000.00		1,500,000.00
145	Building	2,500,000.00		1,000,000.00		3,500,000.00
146	Accumulated Depreciation - Building		312,500.00				400,000.00
151	Equipment	170,000.00		35,000.00		205,000.00
152	Accumulated Depreciation - Equipment		85,000.00				96,000.00
153	Office Furniture	32,500.00		10,000.00		42,500.00
154	Accumulated Depreciation - Office Furniture		16,250.00				18,250.00
201	Accounts Payable		356,000.00	37,420.00			393,420.00
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		35,600.00		(6,600.00)		29,000.00
250	Notes Payable - Long Term		12,000.00		200,000.00		212,000.00
251	Bonds Payable - Long Term		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		550,000.00		798,000.00
300	Common Stock, $1 Par, 100,000 Authorized; 81,000 shares Issued/Outstanding		65,500.00		15,500.00		81,000.00
301	Paid In Capital - Excess of Par Common Stock		1,177,250.00				1,177,250.00
330	Retained Earnings		2,351,400.00				2,849,810.00
331	Cash Dividends	-				200,000.00
340	Treasury Stock	38,000.00			50,000.00	88,000.00
500	Sales		3,457,984.00				3,975,725.00
600	Cost of Goods Sold	1,750,199.00				1,509,195.00
700	Wage Expense (hourly workers)	794,515.00				799,500.00
701	Salaries Expense (Exempt Staff)	89,000.00				229,000.00
702	Marketing Expense	65,000.00				75,000.00
703	Travel and Entertainment Expense	525.00				85,600.00
704	Bad Debt Expense	6,500.00				9,900.00
705	Property Tax Expense	111,200.00				150,000.00
706	Office Maintenance & Repair Expense	-				30,000.00
707	Legal Expenses	-				5,400.00
708	Insurance Expense	1,500.00				3,500.00
709	Miscellaneous Expense	48,985.00				53,925.00
710	Office Supplies Expense	400.00				735.00
711	Telecommunications Expense	-				10,000.00
712	Depreciation Expense - Building	62,500.00				87,500.00
713	Depreciation Expense - Equipment	17,000.00				6,000.00
714	Depreciation Expense - Office Furniture	3,250.00				11,750.00
800	Rent Income		-				12,000.00
802	Gain on Sale of Equity Investment Securities - Trading		-				35,000.00
900	Interest Expense	5,000.00				61,000.00
902	Loss on sale of Held to Maturity Investments	4,000.00				30,250.00
	Total	8,323,484.000	8,323,484.000			10,481,455.000	10,481,455.000
		2,959,574.00	3,457,984.00
	Net Income (Loss)		498,410.00