| 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. | | | | | | | | | | Sales | | 1,358,940.00 | | Cost of Goods Sold | | (582,159.00) | | Gross Profit | | 776,781.00 | | | | | | Operating Expenses | | | | Wage Expense | 599,500.00 | | | Salaries Expense | 129,000.00 | | | Marketing Expense | 75,000.00 | | | Travel and entertainment Expense | 925.00 | | | Bad Debt Expense | 9,816.88 | | | Legal Expenses | 5,400.00 | | | Insurance Expense | 3,500.00 | | | Utilities Expense | 68,624.12 | | | Office Supplies Expense | 735.00 | | | Telecommunications Expense | 100.00 | | | Depreciation Expense - Building | 100,000.00 | | | Depreciation Expense - Equipment | 2,000.00 | | | Depreciation Expense - Office Furniture | 1,000.00 | | | Total Operating Expenses | | 995,601.00 | | Income from Operations (loss) | | (218,820.00) | | | | | | | | | | Other Incomes and Expenses | | | | Rent Income | 2,000.00 | | | Unrealized Gain - Trading Securities | 6,000.00 | | | Realized Loss - Investment Securities | 51,955.01 | | | Interest Expense | (12,500.00) | | | Unrealized Loss - Trading Securities | (68,000.00) | | | Realized Loss - Investment Securities | (9,000.00) | | | Net other Incomes and Expenses | | (29,544.99) | | | | | | Net Income (Loss) | | (29,544.99) | | | | | | | | | | | | | | | | | | | | | | 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, 2017 | | | | | | Adjusted | | | | Changes | Trial Balance | | Acct. No. | Account Title | Debit | Credit | Dr. | Cr | | 100 | Cash | | 78,536.90 | 483,944.10 | | | 102 | Accounts Receivable | | 67,223.00 | 755,400.00 | | | 103 | Allowance for Doubtful Accounts | 5,826.11 | | | 19,816.89 | | 104 | Merchandise Inventory | | | 440,980.00 | | | 105 | Estimated Returns Inventory | | | 56,450.00 | | | 106 | Office Supplies | | | 1,250.00 | | | 107 | Prepaid Insurance | | 2,000.00 | 10,500.00 | | | 120 | Investments - Trading | 15,000.00 | | 60,000.00 | | | 121 | Investments - Available for Sale | 11,800.00 | | 26,450.00 | | | 122 | Investments - Held to Maturity | 16,155.01 | | 40,005.01 | | | 123 | Valuation Allowance | | 62,000.00 | | 35,000.00 | | 140 | Land | 247,232.37 | | 2,000,600.00 | | | 145 | Building | | 50,000.00 | 1,843,723.48 | | | 146 | Accumulated Depreciation - Building | | 100,000.00 | | 1,500,000.00 | | 151 | Equipment | 10,000.00 | | 61,000.00 | | | 152 | Accumulated Depreciation - Equipment | | 2,000.00 | | 30,000.00 | | 153 | Office Furniture | | 10,000.00 | 22,500.00 | | | 154 | Accumulated Depreciation - Office Furniture | | 1,000.00 | | 4,500.00 | | 201 | Accounts Payable | | | | 1,156,000.00 | | 202 | Wages Payable | | | | - | | 203 | Interest Payable | | | | - | | 204 | Dividends Payable | | | | - | | 205 | Unearned Rent | 2,000.00 | | | 4,000.00 | | 206 | Customer Refunds Payable | 6,654.40 | | | 29,027.60 | | 250 | Notes Payable | | 200,000.00 | | 212,000.00 | | 251 | Bonds Payable | | 200,000.00 | | 400,000.00 | | 252 | Premium on Bonds Payable | | | | - | | 253 | Discount on Bonds Payable | | | - | | | 252 | Mortgage (Warehouse) Payable | 50,000.00 | | | 198,000.00 | | 300 | Common Stock, $1 Par, 100,000 Authorized; 65,500 shares Issued/Outstanding | | 15,500.00 | | 65,500.00 | | 301 | Paid In Capital - Excess of Par | | | | 356,000.00 | | 330 | Retained Earnings | | | | 2,397,969.09 | | 331 | Cash Dividends | 100,000.00 | | 100,000.00 | | | 340 | Treasury Stock | | 20,000.00 | 18,000.00 | | | 341 | Unrealized (Gain) Loss Available for Sale Securities | | | - | - | | 500 | Sales | | | | 1,358,940.00 | | 600 | Cost of Goods Sold | | | 582,159.00 | | | 700 | Wage Expense (hourly workers) | | | 599,500.00 | | | 701 | Salaries Expense (Exempt Staff) | | | 129,000.00 | | | 702 | Marketing Expense | | | 75,000.00 | | | 703 | Travel and Entertainment Expense | | | 925.00 | | | 704 | Bad Debt Expense | | | 9,816.88 | | | 705 | Property Tax Expense | | | - | | | 706 | Office Maintenance & Repair Expense | | | - | | | 707 | Legal Expenses | | | 5,400.00 | | | 708 | Insurance Expense | | | 3,500.00 | | | 709 | Utilities Expense | | | 68,624.12 | | | 710 | Office Supplies Expense | | | 735.00 | | | 711 | Telecommunications Expense | | | 100.00 | | | 712 | Depreciation Expense - Building | | | 100,000.00 | | | 713 | Depreciation Expense - Equipment | | | 2,000.00 | | | 714 | Depreciation Expense - Office Furniture | | | 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 | | | 12,500.00 | | | 901 | Unrealized Loss - Trading Securities | | | 68,000.00 | | | 902 | Realized Loss - Investment Securities | | | 9,000.00 | | | | Total | | | 7,588,062.590 | 7,826,708.590 | | | | | | | | | | Net Income (Loss) | | | | | | | |
