Photos accounting 2.1.png Add lu See all phptus Q Edit & Creale Share 0 Conditional Format as Good Formatting Table -r Neutral E Merge & Center Paste BIU A i $- % Ca Format Painter Clipboard Alignment Number Styles Font 5. Complete Statement of CF June 2018 worksheet: create a statement of cash flows using the INDIRECT method A14 A B C D E F a. Davenport Docking 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, 2018. PART II is COMPLETELY separate from PART I 5 6 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 7 2. Statement of cash flows net change in cash MUST equal the change in cash from "changes" columns on adjusted trial balance sheet. 8 c. Each worksheet within this workbook contains further instructions. READ ALL INSTRUCTIONS BEFORE COMPLETING EACH WORKSHEET. PART II IS COMPLETELY INDEPENDENT OF PARTI. Below is a brief overview of the required work to complete each worksheet. Students MUST follow the order below: 9 10 1. Complete adjusted trial balance worksheet: "changes" columns (only the identified cells). 11 2. Complete IS June 2018 worksheet: Create a multi-step income statement 12 3. Complete Smnt of RE June 2018 worksheet: Create a statement of retained earnings 13 4. Complete BS June 2018 worksheet: Create a classified balance sheet 14 5. Complete tement of CF June 2018 worksheet: reate a statement of cash flows us the INDIRECT method. 15 16 17 Photos accounting 2.2.png Edit & Creale See all phptus Add lu Share 30 2017 20 2019 Ju Jun Trial Balance Trial Balance 8 Changes Statement of Cash Flow Notes 9 Acct No. Account Title Dr Cr Debit Credit Dr. Cr Cash ot required, but should match s 100 562480.00 183.490.91 378.989.09 Change in cash 10 Accounts Receivable 102 822.633.00 755,400.00 11 Allowance for Doubtful Accounts 103 25,643.00 19,816.89 12 Merchandise Inventory 104 440,980.00 346,350.00 13 Estimated Returns Inventory 105 56,450.00 43,541.00 14 Office Supplies 10E 1250.00 2.465.00 15 Prepaid Rent 107 12,500.00 10,500.00 16 Investments- Trading 120 59.650.00 86,450.00 17 Investments-Held to Maturity 122 23,850.00 40,005.01 18 Land 140 1.743.777.65 2.505.555.01 19 Building 145 1,893,723.48 1,843,723.48 20 Accumulated Depreciation - Building 1,500,000.00 Use depreciation expense 146 1,504,955.01 21 Equipment 15 22 51,000.00 127,000.00 96,000.00 Use depreciation expense Accumulated Depreciation - Equipment 152 28.000.00 23 Office Furniture 153 32,500.00 22,500.00 24 Accumulated Depreciation - Office Furniture 4,500.00 Use depreciation expense 154 3,500.00 25 Accounts Payable 904.850.00 201 1.156.000.00 26 Wages Payable Interest Payable 203 20 Dividends Payable 204 29 Statement of CF June 2018 Adjusted Trial Balance BS June 2018 Instructions IS June 2018 | Stmt RE June 2018 Photos accounting 2.3.png Edit & Creale See all photus Add lu Share Dividends Payable 204 29 Unearned Rent 205 6,000.00 4.000.00 30 Customer Refunds Payable 206 35,682.00 29,027.60 31 Notes Payable 250 12.000.00 212,000.00 32 Bonds Payable 400,000.00 251 200,000.00 33 Premium on Bonds Payable 252 34 Discount on Bonds Payable 253 35 Mortgage (Warehouse) Payable 248.000 00 252 198.000.00 36 Comman Stock, $1 Par, 100,000 Authorized, 65,500 shares Iasued Cutstanding 300 50,000.00 65.600.00 37 Paid In Capital Excess of Par 301 356,000.00 510,544 99 38 Retained Earnings 330 2.351.379.11 2,113,014 12 39 Cash Dividends 331 AD 100,000.00 340 Treasury Stock 38,000.00 18,000.00 41 Sales 1,713,529 98 1.142.580.00 | 500 42 Cost 600 f Goods Sold 43 450.199.00 723,159.00 Wage Expense (hourly workers) 700 594,515 01 399,500 00 Salaries Expense (Exempt Staff) 701 45 89,000.00 129,000.00 Marketing Expense 702 65,000.00 75,000 00 46 Travel and Entertainment Expense 703 925.00 47 525.00 Bad Debt Expense 704 9.816.88 48 5,816.88 Property Tax Expense 705 49 111,104.10 Office Maintenance & Repair Expense 706 50 Photos accounting 2.1.png Add lo Edit & Creale Share See all photus A C D G H Property Tax Expense 705 49 111.104.10 Office Maintenance & Repair Expense 706 50 707 Legal Expenses 51 5,400.00 Insurance Expense 708 52 1,500.00 3,500.00 Miscellaneous Expense 709 48,985.00 68,624.12 53 Office Supplies Expense 710 400.00 735.00 54 Telecommunications Expense 711 100.00 55 Depreciation Expense - Building 712 100,000.00 56 Depreciation Expense- Equipment 713 4.000.00 6,000.00 57 Depreciation Expense Office Furniture 714 500.00 1,000.00 58 Rent Income 800 2,000.00 59 Realized Gain- Investment Securities 802 51,955.01 60 Interest Expense 900 5,400.00 12,500.00 61 Realized Loss Investment Securities 902 4,000.00 9,000.00 62 Total 7,119,739.120 7.119.739.120 7,824,738.590 7,824,738.590 63 1,767,484.99 1,380,944.99 1.142.580.00 1,544,260.00 64 (238,364.99) Net Income (Loss) 223,224.99 65 Total 66 Difference 67 Photos accounting 2.5.png Stee all photus Aud lo Edit & Cresle Share Format Painter FormattingTable Styles Clipboard Alignment Number ont J5 A B C D E F G H k 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 f the formatting is up to the student. Note that grades are based on organization and clarity of this financial statement. The only 2 other requirements are the following items: . ONLY use accounts that have adjusted balances Proper report title C. Separate expenses between operating and other expenses/losses Separate revenue between sales and other revenues/gains 6 e. Gross profit and income from operations must be included 7 Net income (loss) must be 8 last item on this financial statement. 10 11 12 13 14 15 16 17 18 Photos accounting 2.6.png Stee all photus Aud to Edit & Creale Shar Clipboard Number Font Alignment Styles fr C16 B D F F G H Instructions: Using the "June 30, 2018 adjusted trial balance" information AND income statement complete the statement of retain ed 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: 2 3 a. ONLY use accounts that have adjusted balances 4 b. Proper report title 5 c. Net increase or decrease in retained earnings 6 d. Beginning balance July 1, 2017 (Hint: this is not the same as June 30, 2017 balance) e. Cash dividends and net income (loss) 10 11 12 13 14 15 16 17 Photos accounting 2.7.png See all photus Edit & Creale Aid lu Share fox C17 A Instructions: Using the "June 30, 2018 adjusted trial balance" information AND statement of retained earn ings 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: 2 a. ONLY use accounts that have adjusted balances 4 b. Proper report title c. Classified asset categories: current assets; Property, Plant, and Equipment; other assets 6 d. Classified liability categories: current liabilities and long-term liabilities. ASSUME note payable is long-term. 7 |e. Stockholder's Equity MUST include ending retained earnings balance 10 11 12 13 14 15 3:55 PM Type here to scarch f/10/2019 Photos accounting 2.8.png See all phlus Aud lo Cdit & Creale Share Clipboard Font Alignment Number fix g. Panther Marine considers bonds and notes as financing activities A9 A F G Instructions: Us ing 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: 2 a. Only use accounts that have changes or cash flows 4 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 8 f. Assume all financing changes utilized only cash 9 . Panther Marine considers bonds and notes as financing activities 6 7 10 h. THERE IS NO GAINOR LOSS ON SALE OF FIXED ASSETS 11 13 14 15 16 17 Photos accounting 2.1.png Add lu See all phptus Q Edit & Creale Share 0 Conditional Format as Good Formatting Table -r Neutral E Merge & Center Paste BIU A i $- % Ca Format Painter Clipboard Alignment Number Styles Font 5. Complete Statement of CF June 2018 worksheet: create a statement of cash flows using the INDIRECT method A14 A B C D E F a. Davenport Docking 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, 2018. PART II is COMPLETELY separate from PART I 5 6 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 7 2. Statement of cash flows net change in cash MUST equal the change in cash from "changes" columns on adjusted trial balance sheet. 8 c. Each worksheet within this workbook contains further instructions. READ ALL INSTRUCTIONS BEFORE COMPLETING EACH WORKSHEET. PART II IS COMPLETELY INDEPENDENT OF PARTI. Below is a brief overview of the required work to complete each worksheet. Students MUST follow the order below: 9 10 1. Complete adjusted trial balance worksheet: "changes" columns (only the identified cells). 11 2. Complete IS June 2018 worksheet: Create a multi-step income statement 12 3. Complete Smnt of RE June 2018 worksheet: Create a statement of retained earnings 13 4. Complete BS June 2018 worksheet: Create a classified balance sheet 14 5. Complete tement of CF June 2018 worksheet: reate a statement of cash flows us the INDIRECT method. 15 16 17 Photos accounting 2.2.png Edit & Creale See all phptus Add lu Share 30 2017 20 2019 Ju Jun Trial Balance Trial Balance 8 Changes Statement of Cash Flow Notes 9 Acct No. Account Title Dr Cr Debit Credit Dr. Cr Cash ot required, but should match s 100 562480.00 183.490.91 378.989.09 Change in cash 10 Accounts Receivable 102 822.633.00 755,400.00 11 Allowance for Doubtful Accounts 103 25,643.00 19,816.89 12 Merchandise Inventory 104 440,980.00 346,350.00 13 Estimated Returns Inventory 105 56,450.00 43,541.00 14 Office Supplies 10E 1250.00 2.465.00 15 Prepaid Rent 107 12,500.00 10,500.00 16 Investments- Trading 120 59.650.00 86,450.00 17 Investments-Held to Maturity 122 23,850.00 40,005.01 18 Land 140 1.743.777.65 2.505.555.01 19 Building 145 1,893,723.48 1,843,723.48 20 Accumulated Depreciation - Building 1,500,000.00 Use depreciation expense 146 1,504,955.01 21 Equipment 15 22 51,000.00 127,000.00 96,000.00 Use depreciation expense Accumulated Depreciation - Equipment 152 28.000.00 23 Office Furniture 153 32,500.00 22,500.00 24 Accumulated Depreciation - Office Furniture 4,500.00 Use depreciation expense 154 3,500.00 25 Accounts Payable 904.850.00 201 1.156.000.00 26 Wages Payable Interest Payable 203 20 Dividends Payable 204 29 Statement of CF June 2018 Adjusted Trial Balance BS June 2018 Instructions IS June 2018 | Stmt RE June 2018 Photos accounting 2.3.png Edit & Creale See all photus Add lu Share Dividends Payable 204 29 Unearned Rent 205 6,000.00 4.000.00 30 Customer Refunds Payable 206 35,682.00 29,027.60 31 Notes Payable 250 12.000.00 212,000.00 32 Bonds Payable 400,000.00 251 200,000.00 33 Premium on Bonds Payable 252 34 Discount on Bonds Payable 253 35 Mortgage (Warehouse) Payable 248.000 00 252 198.000.00 36 Comman Stock, $1 Par, 100,000 Authorized, 65,500 shares Iasued Cutstanding 300 50,000.00 65.600.00 37 Paid In Capital Excess of Par 301 356,000.00 510,544 99 38 Retained Earnings 330 2.351.379.11 2,113,014 12 39 Cash Dividends 331 AD 100,000.00 340 Treasury Stock 38,000.00 18,000.00 41 Sales 1,713,529 98 1.142.580.00 | 500 42 Cost 600 f Goods Sold 43 450.199.00 723,159.00 Wage Expense (hourly workers) 700 594,515 01 399,500 00 Salaries Expense (Exempt Staff) 701 45 89,000.00 129,000.00 Marketing Expense 702 65,000.00 75,000 00 46 Travel and Entertainment Expense 703 925.00 47 525.00 Bad Debt Expense 704 9.816.88 48 5,816.88 Property Tax Expense 705 49 111,104.10 Office Maintenance & Repair Expense 706 50 Photos accounting 2.1.png Add lo Edit & Creale Share See all photus A C D G H Property Tax Expense 705 49 111.104.10 Office Maintenance & Repair Expense 706 50 707 Legal Expenses 51 5,400.00 Insurance Expense 708 52 1,500.00 3,500.00 Miscellaneous Expense 709 48,985.00 68,624.12 53 Office Supplies Expense 710 400.00 735.00 54 Telecommunications Expense 711 100.00 55 Depreciation Expense - Building 712 100,000.00 56 Depreciation Expense- Equipment 713 4.000.00 6,000.00 57 Depreciation Expense Office Furniture 714 500.00 1,000.00 58 Rent Income 800 2,000.00 59 Realized Gain- Investment Securities 802 51,955.01 60 Interest Expense 900 5,400.00 12,500.00 61 Realized Loss Investment Securities 902 4,000.00 9,000.00 62 Total 7,119,739.120 7.119.739.120 7,824,738.590 7,824,738.590 63 1,767,484.99 1,380,944.99 1.142.580.00 1,544,260.00 64 (238,364.99) Net Income (Loss) 223,224.99 65 Total 66 Difference 67 Photos accounting 2.5.png Stee all photus Aud lo Edit & Cresle Share Format Painter FormattingTable Styles Clipboard Alignment Number ont J5 A B C D E F G H k 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 f the formatting is up to the student. Note that grades are based on organization and clarity of this financial statement. The only 2 other requirements are the following items: . ONLY use accounts that have adjusted balances Proper report title C. Separate expenses between operating and other expenses/losses Separate revenue between sales and other revenues/gains 6 e. Gross profit and income from operations must be included 7 Net income (loss) must be 8 last item on this financial statement. 10 11 12 13 14 15 16 17 18 Photos accounting 2.6.png Stee all photus Aud to Edit & Creale Shar Clipboard Number Font Alignment Styles fr C16 B D F F G H Instructions: Using the "June 30, 2018 adjusted trial balance" information AND income statement complete the statement of retain ed 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: 2 3 a. ONLY use accounts that have adjusted balances 4 b. Proper report title 5 c. Net increase or decrease in retained earnings 6 d. Beginning balance July 1, 2017 (Hint: this is not the same as June 30, 2017 balance) e. Cash dividends and net income (loss) 10 11 12 13 14 15 16 17 Photos accounting 2.7.png See all photus Edit & Creale Aid lu Share fox C17 A Instructions: Using the "June 30, 2018 adjusted trial balance" information AND statement of retained earn ings 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: 2 a. ONLY use accounts that have adjusted balances 4 b. Proper report title c. Classified asset categories: current assets; Property, Plant, and Equipment; other assets 6 d. Classified liability categories: current liabilities and long-term liabilities. ASSUME note payable is long-term. 7 |e. Stockholder's Equity MUST include ending retained earnings balance 10 11 12 13 14 15 3:55 PM Type here to scarch f/10/2019 Photos accounting 2.8.png See all phlus Aud lo Cdit & Creale Share Clipboard Font Alignment Number fix g. Panther Marine considers bonds and notes as financing activities A9 A F G Instructions: Us ing 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: 2 a. Only use accounts that have changes or cash flows 4 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 8 f. Assume all financing changes utilized only cash 9 . Panther Marine considers bonds and notes as financing activities 6 7 10 h. THERE IS NO GAINOR LOSS ON SALE OF FIXED ASSETS 11 13 14 15 16 17