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 BalanceChangesTrial Balance

Acct. No.Account TitleDr.Cr.DebitCreditDr.Cr

100Cash562,480.00

378,989.09

*Change in cash not required, but should match smnt of cash flows102Accounts Receivable822,633.00

755,400.00

103Allowance for Doubtful Accounts

25,643.00

19,816.89

104Merchandise Inventory440,980.00

346,350.00

105Estimated Returns Inventory56,450.00

43,541.00

106Office Supplies1,250.00

2,465.00

107Prepaid Insurance12,500.00

10,500.00

120Investments - Trading45,000.00

60,000.00

121Investments - Available for Sale14,650.00

26,450.00

122Investments - Held to Maturity23,850.00

40,005.01

123Valuation Allowance27,000.00

35,000.00

140Land1,743,777.65

2,505,555.01

145Building1,893,723.48

1,843,723.48

146Accumulated Depreciation - Building

1,504,955.01

1,500,000.00*Use depreciation expense151Equipment51,000.00

61,000.00

152Accumulated Depreciation - Equipment

28,000.00

30,000.00*Use depreciation expense153Office Furniture32,500.00

22,500.00

154Accumulated Depreciation - Office Furniture

3,500.00

4,500.00*Use depreciation expense201Accounts Payable

1,156,000.00

904,850.00

202Wages Payable

-

-

203Interest Payable

-

-

204Dividends Payable

-

-

205Unearned Rent

6,000.00

4,000.00

206Customer Refunds Payable

35,682.00

29,027.60

250Notes Payable

12,000.00

212,000.00

251Bonds Payable

200,000.00

400,000.00

252Premium on Bonds Payable

-

-

253Discount on Bonds Payable-

-

252Mortgage (Warehouse) Payable

248,000.00

198,000.00

300Common Stock, $1 Par, 100,000 Authorized; 65,500 shares Issued/Outstanding

50,000.00

65,500.00

301Paid In Capital - Excess of Par

356,000.00

510,544.99

330Retained Earnings

2,388,379.11

2,140,014.12

331Cash Dividends-

100,000.00

340Treasury Stock38,000.00

18,000.00

341Unrealized (Gain) Loss Available for Sale Securities--

--

500Sales

1,142,580.00

1,468,529.98

600Cost of Goods Sold450,199.00

482,159.00

700Wage Expense (hourly workers)594,515.01

399,500.00

701Salaries Expense (Exempt Staff)89,000.00

129,000.00

702Marketing Expense65,000.00

75,000.00

703Travel and Entertainment Expense525.00

925.00

704Bad Debt Expense5,816.88

9,816.88

705Property Tax Expense111,104.10

-

706Office Maintenance & Repair Expense-

-

707Legal Expenses-

5,400.00

708Insurance Expense1,500.00

3,500.00

709Utilities Expense48,985.00

68,624.12

710Office Supplies Expense400.00

735.00

711Telecommunications Expense-

100.00

712Depreciation Expense - Building-

100,000.00

713Depreciation Expense - Equipment4,000.00

2,000.00

714Depreciation Expense - Office Furniture500.00

1,000.00

800Rent Income

-

2,000.00

801Unrealized Gain - Trading Securities

-

6,000.00

802Realized Gain - Investment Securities

-

51,955.01

900Interest Expense5,400.00

12,500.00

901Unrealized Loss - Trading Securities10,000.00

68,000.00

902Realized Loss - Investment Securities4,000.00

9,000.00

Total7,156,739.1207,156,739.120

7,581,738.5907,581,738.590

1,390,944.991,142,580.00

1,367,260.001,528,484.99

Net Income (Loss)

(248,364.99)

161,224.99

Total

Difference

Panther Marine Instructions: Using the "June 30, 2017 adjusted trial balance" information complete an multi-step 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 titlec. Separate expenses between operating and other expenses/lossesd. Separate revenue between sales and other revenues/gainse. Gross profit and income from operations must be includedf. Net income (loss) must be the last item on this financial statement.

Panther MarineInstructions: 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 titlec. Net increase or decrease in retained earningsd. Beginning balance July 1, 2016 (Hint: this is not the same as June 30, 2016 balance)e. Cash dividends and net income (loss)

Panther Marine Instructions: Using the "June 30, 2017 adjusted trial balance" information AND statement of retained earnings complete an 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 titlec. Classified asset categories: current assets; Property, Plant, and Equipment; other assetsd. 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

Panther Marine Instructions: Using the "changes columns" from the adjusted trial balance worksheet AND the below additional information to create an 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. Proper report title. Net change in cash, beginning cash balance, ending cash balance and cash per balance sheet MUST be included. All cash flow activities must be identified, organized, totaled, and clearly labeled. Assume all investment changes utilized only cash. Valuation allowance change is an investing activity. Assume all financing changes utilized only cash. Panther Marine considers bonds and notes as financing activities

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