Panther Marine Corporation
For the Years Ended June 30, 2017 and 2018
Instructions: Below are the adjusted trial balances for the years ended June 30, 2017 and 2018. 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 (see cash for example). USE the June 30, 2018 adjusted trial balance columns to create the Income Statement, Statement of Retained Earnings and Balance Sheet. Use the "changes" columns to complete the Statement of Cash Flows. DO NOT COMPLETE CELLS THAT ARE GRAYED OUT.
										June 30, 2017				June 30, 2018
										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 Rent	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
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		76,000.00		127,000.00
152	Accumulated Depreciation - Equipment		28,000.00				96,000.00
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		2,351,379.11	238,364.99			2,113,014.12
331	Cash Dividends	-		100,000.00		100,000.00
340	Treasury Stock	38,000.00			20,000.00	18,000.00
500	Sales		1,142,580.00				1,713,529.98
600	Cost of Goods Sold	450,199.00				723,159.00
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				6,000.00
714	Depreciation Expense - Office Furniture	500.00				1,000.00
800	Rent Income		-				2,000.00
802	Realized Gain - Investment Securities		-				51,955.01
900	Interest Expense	5,400.00				12,500.00
902	Realized Loss - Investment Securities	4,000.00				9,000.00
	Total	7,119,739.120	7,119,739.120			7,824,738.590	7,824,738.590
		1,380,944.99	1,142,580.00			1,544,260.00	1,767,484.99
	Net Income (Loss)		(238,364.99)			223,224.99
Panther Marine
Instructions: Using the "June 30, 2018 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.
Panther Marine Corporation
Income Statement
For the Year Ended June 30, 2018
Panther Marine
Instructions: Using the "June 30, 2018 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, 2017 (Hint: this is not the same as June 30, 2017 balance)
e. Cash dividends and net income (loss)
Panther Marine Corporation
Statement of Retained Earnings
For the Year Ended June 30, 2018
Panther Marine
Instructions: Using the "June 30, 2018 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
Panther Marine Corporation
Balance Sheet
For the Year Ended June 30, 2018
Panther Marine
Instructions: Using the "changes columns" from the adjusted trial balance worksheet AND the below additional information 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 financing activities
h. THERE IS NO GAIN OR LOSS ON SALE OF FIXED ASSETS
Panther Marine Corporation
Statement of Cash Flows
For the Year Ended June 30, 2018