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Is this the correct format for a Statement of Cash Flows? Panther Marine Instructions: Using the changes columns from the adjusted trial balance worksheet AND
Is this the correct format for a Statement of Cash Flows?
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. Assume all financing changes utilized only cash | |||
g. Panther Marine considers bonds and notes as investments | |||
Panther Marine | |||
Cashflow Statement | |||
For the Year Ended June 30, 2017 | |||
Cash flows from Operating Activitires | |||
Net Income (Loss) | -248364.99 | ||
Adjustments to reconcile net income to net cash flow from Operating Activities: | |||
Depreciation | 103000 | ||
Unrealized Gain - Trading Securities | -6000 | ||
Realized Loss - Investment Securities | 51955 | ||
Interest Expense | 12500 | ||
Unrealized Loss - Trading Securities | 68000 | ||
Realized Loss - Investment Securities | 9000 | ||
Unrealized Gain - Trading Securities | -6000 | ||
Total Adjustments | 232455 | ||
Changes in Current Operating Assets and Liabilities | |||
Accounts Receivable | 67223 | ||
Doubtful Debts | -5826 | ||
Inventory | 94630 | ||
Returns of Inventory | 12909 | ||
Prepayments | 3215 | ||
Accounts Payable | 251150 | ||
Accrued Expenses | 8654 | 431955 | |
Net cash flow from operating activities | 416045.01 | ||
Cash Flows from Investing Activities | |||
Investments Purchased | -42955 | ||
Land | -247232 | ||
Equipment | -10000 | ||
Net cash flow from investing activities | -300187 | ||
Financing Activities | |||
Bonds | 212000 | ||
Mortgage | -50000 | ||
Common Stocks | 15500 | ||
Premium | 154545 | ||
Net cash flow from financing activites | 332045 | ||
Ending Cash Balance | 1048277.01 | ||
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