Is this correct for statement of cashflow indirect method?

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 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

562,480.00

183,490.91

378,989.09

102

Accounts Receivable

822,633.00

67,233.00

755,400.00

103

Allowance for Doubtful Accounts

25,643.00

5,826.11

19,816.89

104

Merchandise Inventory

440,980.00

94,630.00

346,350.00

105

Estimated Returns Inventory

56,450.00

12,909.00

43,541.00

106

Office Supplies

1,250.00

1,215.00

2,465.00

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

8,000.00

35,000.00

140

Land

1,743,777.65

761,777.36

2,505,555.01

145

Building

1,893,723.48

50,000.00

1,843,723.48

146

Accumulated Depreciation - Building

1,504,955.01

1,500,000.00

151

Equipment

51,000.00

10,000.00

61,000.00

152

Accumulated Depreciation - Equipment

28,000.00

30,000.00

153

Office Furniture

32,500.00

10,000.00

22,500.00

154

Accumulated Depreciation - Office Furniture

3,500.00

4,500.00

201

Accounts Payable

1,156,000.00

251,150.00

904,850.00

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

154,544.99

510,544.99

330

Retained Earnings

2,388,379.11

2,140,014.12

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

1,468,529.98

600

Cost of Goods Sold

450,199.00

482,159.00

700

Wage Expense (hourly workers)

594,515.01

399,500.00

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

7,156,739.120

7,156,739.120

7,581,738.590

7,581,738.590

1,390,944.99

1,142,580.00

1,367,260.00

1,528,484.99

Net Income (Loss)

(248,364.99)

Panther Marine
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
Panther Marine
Statement of Cash Flow
For the Year Ended June 30, 2017
Cash flows from Operating Activitires
Net Income		161224.99
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation	103,000.00
Unrealized Gain - Trading Securities	(6,000.00)
Realized Gain - Investment Securities	51,955.00
Interest Expense	12,500.00
Unrealized Loss - Trading Securities	68,000.00
Realized Loss - Investment Securities	9,000.00
Cash generated from operations		238,455.00
Cash flow from Current Operating Assets and Liabilies
Decrease Accounts Receivable	67,233.00
Decrease Allowance for Doubtful Accounts	(5,826.11)
Decrease Merchandise Inventory	94,630.00
Decrease Estimated Returns Inventory	12,909.00
Increase Prepaid Expenses	(3,215.00)
Decrease Accounts Payable	(251,150.00)
Decrease Unearned Rent	2,000.00
Decrease Customer Refunds Payable	6,654.00
Cash from current operating assets and liabiliites		(76,765.11)
Net cash flow from operating activities		322,914.88
Cash flow from Investing Activities
Investments Purchased	(42,955.00)
Land	(247,232.00)
Equipment	(10,000.00)
Net cash flow from investing activities		(300,187.00)
Financing Activities
Bonds Payable	200,000.00
Mortgage (Warehouse) Payable	(50,000.00)
Common Stocks	15,500.00
Paid In Capital - Excess of Par	154,544.99
Net cash flow from financing activites		320044.99
Increase (decrease) in cash		342,772.87
Cash at the beging of the year		562480
Cash at the end of the year		378989.09
Noncash investing and financing activites

161,224.99