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. Valuation allowance change is an investing activity

g. Assume all financing changes utilized only cash

h. Panther Marine considers bonds and notes as financing activities

		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
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 Insurance	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
123	Valuation Allowance	27,000.00			62,000.00		35,000.00
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		10,000.00		61,000.00
152	Accumulated Depreciation - Equipment		28,000.00				30,000.00
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	6,654.60			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		2,388,379.11				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				1,468,529.98
600	Cost of Goods Sold	450,199.00				482,159.00
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			7,581,738.590	7,581,738.590
		1,390,944.99	1,142,580.00			1,367,260.00	1,528,484.99
	Net Income (Loss)		(248,364.99)				161,224.99