General Journals

Date	Accounts	Debit ($)	Credit ($)
1-Jun	Purchases	210000
	Raydar Marine		210000
1-Jun	Bank	200000
	Common stock		10000
	Paid-in-capital in excess of par		190000
1-Jun	Bank	216000
	15% Note payable		216000
1-Jun	Chris Craft	340000
	Sales		340000
2-Jun	Bank	6000
	Rent		6000
2-Jun	Sea Ray	426400
	Sales		426400
2-Jun	Office supplies	4800
	Staples		4800
2-Jun	Boston Whaler	128200
	Sales		128200
3-Jun	Accumulated profit	100000
	Dividend		100000
4-Jun	Bank	86350
	Chris craft		86350
4-Jun	Bad debt	7000
	Four Winns		7000
5-Jun	DU Utility co.	3300
	Bank		3300
6-Jun	Investment	120000
	Bank		120000
7-Jun	Travelling and entertainment expenses	5925
	Bank		5925
8-Jun	Staples	4800
	Bank		4800
11-Jun	Raydar Marine	210000
	Bank		210000
11-Jun	Consulting fees	4100
	Bank		4100
12-Jun	Dividend	100000
	Bank		100000
13-Jun	Purchases	169000
	Acme		135200
	Trade discount		33800
13-Jun	Purchases	92500
	Raydar marine		92500
15-Jun	Donzi	346500
	Sales		346500
15-Jun	Salaries	20500
	Wages	6600
	Check 5284		27100
	Purchases	80000
	Scotty		80000
	Sales	28700
	Sea Ray		28700
	Bank	14700
	Raydar Marine		14700
18-Jun	Bank	340000
	Chris Craft		340000
20-Jun	Raydar Marin	92500
	Purchases		92500
	Common stock	2800
	Paid in capital excess of par	25200
	Bank		28000
22-Jun	Sea Ray	148400
	Sales		148400
23-Jun	Acme	195000
	Bank		195000
	Bank	175000
	Donzi		175000
24-Jun	Marketing expenses	3000
	Bank		3000
25-Jun	Acme	167500
	Bank		167500
26-Jun	Purchases	41250
	Bank		41250
27-Jun	Donzi	91500
	Sales		91500
	Marketing expenses	85000
	Bank		85000
28-Jun	Loan	16000
	Interest	4000
	Bank		20000
	Bank	15000
	Treasury stock		15000
29-Jun	Bank	91500
	Donzi		91500
	Bank	54000
	Investment		45000
	Profit on sale		9000
	Salaries	20500
	Wages	7750
	Check		28250
30-Jun	15% Notes payable	18000
	Interest	2700
	Bank		20700
	Bank	388000
	Discount of issue	12000
	8% Bond		400000

ACCT202 Project - Part II

Part II

Financial Statements

a. Panther Marine mangement is very impressed with the work you have done so far filling in for the regular accountant. They have reached there fiscal year end and now need your help creating the financial statements for the fiscal year ended June 30, 2017.

b. Check figures are NOT available for part II. Financial statements have the following built-in check figures:

1. Balance sheet total assets must equal total liabilities and stockholder's equity

2. Statement of cash flows net change in cash MUST equal the change in cash from "changes" columns on adjusted trial balance sheet.

c. Each worksheet within this workbook contains further instructions. READ ALL INSTRUCTIONS BEFORE COMPLETING EACH WORKSHEET. PART II IS COMPLETELY INDEPENDENT OF PART I. Below is a brief overview of the required work to complete each worksheet. Students MUST follow the order below:

1. Complete adjusted trial balance worksheet: "changes" columns (only the identifed cells).

2. Complete IS June 2017 worksheet: Create a mult-step income statement

3. Complete Smnt of RE June 2017 worksheet: Create a statement of retained earnings

4. Complete BS June 2017 worksheet: Create a classified balance sheet

5. Complete Statement of CF June 2017 worksheet: create a statement of cash flows using the INDIRECT method.

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				378,989.09		*Change in cash not required, but should match smnt of cash flows
102	Accounts Receivable	822,633				755,400
103	Allowance for Doubtful Accounts		25,643				19,816.89
104	Merchandise Inventory	440,980				346,350
105	Estimated Returns Inventory	56,450				43,541
106	Office Supplies	1,250				2,465
107	Prepaid Insurance	12,500				10,500
120	Investments - Trading	45,000				60,000
121	Investments - Available for Sale	14,650				26,450
122	Investments - Held to Maturity	23,850				40,005.01
123	Valuation Allowance	27,000					35,000
140	Land	1,743,777.65				2,505,555.01
145	Building	1,893,723.48				1,843,723.48
146	Accumulated Depreciation - Building		1,504,955.01				1,500,000	*Use depreciation expense
151	Equipment	51,000				61,000
152	Accumulated Depreciation - Equipment		28,000				30,000	*Use depreciation expense
153	Office Furniture	32,500				22,500
154	Accumulated Depreciation - Office Furniture		3,500				4,500	*Use depreciation expense
201	Accounts Payable		1,156,000				904,850
202	Wages Payable		0				0
203	Interest Payable		0				0
204	Dividends Payable		0				0
205	Unearned Rent		6,000				4,000
206	Customer Refunds Payable		35,682				29,027.6
250	Notes Payable		12,000				212,000
251	Bonds Payable		200,000				400,000
252	Premium on Bonds Payable		0				0
253	Discount on Bonds Payable	0				0
252	Mortgage (Warehouse) Payable		248,000				198,000
300	Common Stock, $1 Par, 100,000 Authorized; 65,500 shares Issued/Outstanding		50,000				65,500
301	Paid In Capital - Excess of Par		356,000				510,544.99
330	Retained Earnings		2,388,379.11				2,140,014.12
331	Cash Dividends	0				100,000
340	Treasury Stock	38,000				18,000
341	Unrealized (Gain) Loss Available for Sale Securities	0	0			0	0
500	Sales		1,142,580				1,468,529.98
600	Cost of Goods Sold	450,199				482,159
700	Wage Expense (hourly workers)	594,515.01				399,500
701	Salaries Expense (Exempt Staff)	89,000				129,000
702	Marketing Expense	65,000				75,000
703	Travel and Entertainment Expense	525				925
704	Bad Debt Expense	5,816.88				9,816.88
705	Property Tax Expense	111,104.1				0
706	Office Maintenance & Repair Expense	0				0
707	Legal Expenses	0				5,400
708	Insurance Expense	1,500				3,500
709	Utilities Expense	48,985				68,624.12
710	Office Supplies Expense	400				735
711	Telecommunications Expense	0				100
712	Depreciation Expense - Building	0				100,000
713	Depreciation Expense - Equipment	4,000				2,000
714	Depreciation Expense - Office Furniture	500				1,000
800	Rent Income		0				2,000
801	Unrealized Gain - Trading Securities		0				6,000
802	Realized Gain - Investment Securities		0				51,955.01
900	Interest Expense	5,400				12,500
901	Unrealized Loss - Trading Securities	10,000				68,000
902	Realized Loss - Investment Securities	4,000				9,000
	Total	7,156,739.12	7,156,739.12			7,581,738.59	7,581,738.59
		1,390,944.99	1,142,580			1,367,260	1,528,484.99
	Net Income (Loss)		-248,364.99				161,224.99
	Total
	Difference		0			0

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.

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)

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