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Panther Marine Corporation For the Years Ended June 30, 2016 and 2017 Instructions: Below are the...

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           378,989.09
102 Accounts Receivable            822,633.00           755,400.00
103 Allowance for Doubtful Accounts             25,643.00             19,816.89
104 Merchandise Inventory            440,980.00           346,350.00
105 Estimated Returns Inventory              56,450.00             43,541.00
106 Office Supplies                1,250.00              2,465.00
107 Prepaid Insurance              12,500.00             10,500.00
120 Investments - Trading              45,000.00             60,000.00
121 Investments - Available for Sale              14,650.00             26,450.00
122 Investments - Held to Maturity              23,850.00             40,005.01
123 Valuation Allowance              27,000.00             35,000.00
140 Land         1,743,777.65        2,505,555.01
145 Building         1,893,723.48        1,843,723.48
146 Accumulated Depreciation - Building        1,504,955.01        1,500,000.00
151 Equipment              51,000.00             61,000.00
152 Accumulated Depreciation - Equipment             28,000.00             30,000.00
153 Office Furniture              32,500.00             22,500.00
154 Accumulated Depreciation - Office Furniture              3,500.00              4,500.00
201 Accounts Payable        1,156,000.00           904,850.00
202 Wages Payable                        -                          -  
203 Interest Payable                        -                          -  
204 Dividends Payable                        -                          -  
205 Unearned Rent              6,000.00              4,000.00
206 Customer Refunds Payable             35,682.00             29,027.60
250 Notes Payable             12,000.00           212,000.00
251 Bonds Payable           200,000.00           400,000.00
252 Premium on Bonds Payable                        -                          -  
253 Discount on Bonds Payable                         -                          -  
252 Mortgage (Warehouse) Payable           248,000.00           198,000.00
300 Common Stock, $1 Par, 100,000 Authorized; 65,500 shares Issued/Outstanding             50,000.00             65,500.00
301 Paid In Capital - Excess of Par           356,000.00           510,544.99
330 Retained Earnings        2,388,379.11        2,140,014.12
331 Cash Dividends                         -             100,000.00
340 Treasury Stock              38,000.00             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
Total
Difference                       -                         -  
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           378,989.09
102 Accounts Receivable            822,633.00           755,400.00
103 Allowance for Doubtful Accounts             25,643.00             19,816.89
104 Merchandise Inventory            440,980.00           346,350.00
105 Estimated Returns Inventory              56,450.00             43,541.00
106 Office Supplies                1,250.00              2,465.00
107 Prepaid Insurance              12,500.00             10,500.00
120 Investments - Trading              45,000.00             60,000.00
121 Investments - Available for Sale              14,650.00             26,450.00
122 Investments - Held to Maturity              23,850.00             40,005.01
123 Valuation Allowance              27,000.00             35,000.00
140 Land         1,743,777.65        2,505,555.01
145 Building         1,893,723.48        1,843,723.48
146 Accumulated Depreciation - Building        1,504,955.01        1,500,000.00
151 Equipment              51,000.00             61,000.00
152 Accumulated Depreciation - Equipment             28,000.00             30,000.00
153 Office Furniture              32,500.00             22,500.00
154 Accumulated Depreciation - Office Furniture              3,500.00              4,500.00
201 Accounts Payable        1,156,000.00           904,850.00
202 Wages Payable                        -                          -  
203 Interest Payable                        -                          -  
204 Dividends Payable                        -                          -  
205 Unearned Rent              6,000.00              4,000.00
206 Customer Refunds Payable             35,682.00             29,027.60
250 Notes Payable             12,000.00           212,000.00
251 Bonds Payable           200,000.00           400,000.00
252 Premium on Bonds Payable                        -                          -  
253 Discount on Bonds Payable                         -                          -  
252 Mortgage (Warehouse) Payable           248,000.00           198,000.00
300 Common Stock, $1 Par, 100,000 Authorized; 65,500 shares Issued/Outstanding             50,000.00             65,500.00
301 Paid In Capital - Excess of Par           356,000.00           510,544.99
330 Retained Earnings        2,388,379.11        2,140,014.12
331 Cash Dividends                         -             100,000.00
340 Treasury Stock              38,000.00             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
Total
Difference                       -                         -  

Solutions

Expert Solution

In the above question June 30, 2017 was considered as base year and chages were calculated

Particulars Trial Balance 30 june 2016 Changes Trial Balance 30 June 2017
Acct. No. Account Title Dr. Cr. Debit Credit Dr. Cr
100 Cash          5,62,480.00 -1,83,490.91     3,78,989.09
102 Accounts Receivable          8,22,633.00     -67,233.00     7,55,400.00
103 Allowance for Doubtful Accounts         25,643.00                  -            -5,826.11       19,816.89
104 Merchandise Inventory          4,40,980.00     -94,630.00     3,46,350.00
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        17,43,777.65    7,61,777.36 25,05,555.01
145 Building        18,93,723.48     -50,000.00 18,43,723.48
146 Accumulated Depreciation - Building     15,04,955.01          -4,955.01 15,00,000.00
151 Equipment             51,000.00      10,000.00        61,000.00
152 Accumulated Depreciation - Equipment         28,000.00           2,000.00       30,000.00
153 Office Furniture             32,500.00     -10,000.00        22,500.00
154 Accumulated Depreciation - Office Furniture           3,500.00           1,000.00         4,500.00
201 Accounts Payable     11,56,000.00      -2,51,150.00     9,04,850.00
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       2,00,000.00     2,12,000.00
251 Bonds Payable       2,00,000.00       2,00,000.00     4,00,000.00
252 Premium on Bonds Payable                         -                            -   
253 Discount on Bonds Payable                          -                            -   
252 Mortgage (Warehouse) Payable       2,48,000.00         -50,000.00     1,98,000.00
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       3,56,000.00       1,54,544.99     5,10,544.99
330 Retained Earnings     23,88,379.11      -2,48,364.99 21,40,014.12
331 Cash Dividends                        -      1,00,000.00                     -       1,00,000.00
340 Treasury Stock             38,000.00     -20,000.00                     -          18,000.00
341 Unrealized (Gain) Loss Available for Sale Securities                          -                            -                            -                            -   
500 Sales     11,42,580.00       3,25,949.98 14,68,529.98
600 Cost of Goods Sold          4,50,199.00      31,960.00     4,82,159.00
700 Wage Expense (hourly workers)          5,94,515.01 -1,95,015.01     3,99,500.00
701 Salaries Expense (Exempt Staff)             89,000.00      40,000.00     1,29,000.00
702 Marketing Expense             65,000.00      10,000.00        75,000.00
703 Travel and Entertainment Expense                 525.00           400.00            925.00
704 Bad Debt Expense               5,816.88        4,000.00          9,816.88
705 Property Tax Expense          1,11,104.10 -1,11,104.10                   -  
706 Office Maintenance & Repair Expense                          -                            -   
707 Legal Expenses                        -          5,400.00          5,400.00
708 Insurance Expense               1,500.00        2,000.00          3,500.00
709 Utilities Expense             48,985.00      19,639.12        68,624.12
710 Office Supplies Expense                 400.00           335.00            735.00
711 Telecommunications Expense                        -             100.00            100.00
712 Depreciation Expense - Building                        -      1,00,000.00     1,00,000.00
713 Depreciation Expense - Equipment               4,000.00       -2,000.00          2,000.00
714 Depreciation Expense - Office Furniture                 500.00           500.00          1,000.00
800 Rent Income                     -             2,000.00         2,000.00
801 Unrealized Gain - Trading Securities                     -             6,000.00         6,000.00
802 Realized Gain - Investment Securities                     -            51,955.01       51,955.01
900 Interest Expense               5,400.00        7,100.00        12,500.00
901 Unrealized Loss - Trading Securities             10,000.00      58,000.00        68,000.00
902 Realized Loss - Investment Securities               4,000.00        5,000.00          9,000.00
Total        71,56,739.12     71,56,739.12    4,51,999.47       4,51,999.47 75,81,738.59 75,81,738.59
       13,90,944.99     11,42,580.00 13,67,260.00 15,28,484.99
Net Income (Loss)      -2,48,364.99       4,09,589.98     1,61,224.99

ekkarill92 answered 1 year ago
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