Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Part II Financial Statements a. Panther Marine mangement is very impressed with the work you have done so far filling in for the regular accountant.
| Part II |
| Financial Statements |
| a. Panther Marine mangement is very impressed with the work you have done so far filling in for the regular accountant. They have reached there fiscal year end and now need your help creating the financial statements for the fiscal year ended June 30, 2017. |
| b. Check figures are NOT available for part II. Financial statements have the following built-in check figures: |
| 1. Balance sheet total assets must equal total liabilities and stockholder's equity |
| 2. Statement of cash flows net change in cash MUST equal the change in cash from "changes" columns on adjusted trial balance sheet. |
| c. Each worksheet within this workbook contains further instructions. READ ALL INSTRUCTIONS BEFORE COMPLETING EACH WORKSHEET. PART II IS COMPLETELY INDEPENDENT OF PART I. Below is a brief overview of the required work to complete each worksheet. Students MUST follow the order below: |
| 1. Complete adjusted trial balance worksheet: "changes" columns (only the identifed cells). |
| 2. Complete IS June 2017 worksheet: Create a mult-step income statement |
| 3. Complete Smnt of RE June 2017 worksheet: Create a statement of retained earnings |
| 4. Complete BS June 2017 worksheet: Create a classified balance sheet |
| 5. Complete Statement of CF June 2017 worksheet: create a statement of cash flows using the 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 | *Change in cash not required, but should match smnt of cash flows | |||||||
| 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 | 16,155.00 | 40,005.01 | ||||||||
| 123 | Valuation Allowance | 27,000.00 | 62,000.00 | 35,000.00 | ||||||||
| 140 | Land | 1,743,777.65 | 761,777.00 | 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 | *Use depreciation expense | ||||||||
| 151 | Equipment | 51,000.00 | 10,000.00 | 61,000.00 | ||||||||
| 152 | Accumulated Depreciation - Equipment | 28,000.00 | 30,000.00 | *Use depreciation expense | ||||||||
| 153 | Office Furniture | 32,500.00 | (10,000.00) | 22,500.00 | ||||||||
| 154 | Accumulated Depreciation - Office Furniture | 3,500.00 | 4,500.00 | *Use depreciation expense | ||||||||
| 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 | 155,000.00 | 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 | 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 | 1,713,529.98 | |||||||||
| 600 | Cost of Goods Sold | 450,199.00 | 727,159.00 | |||||||||
| 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 | 7,826,738.590 | 7,826,738.590 | ||||||||
| 1,390,944.99 | 1,142,580.00 | 1,612,260.00 | 1,773,484.99 | |||||||||
| Net Income (Loss) | (248,364.99) | 161,224.99 | ||||||||||
| Total | ||||||||||||
| Difference | - | - | ||||||||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Introduction To Management Accounting Chapters 1 To 14
Authors: Charles T Horngren, Gary L Sundem, William O Stratton, Dave Burgstahler, Jeff Schatzberg
15th Edition
0136102778, 9780136102779
