Question

Panther Marine
Instructions: Using the "June 30, 2017 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 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

Panther Marine
Statement of Retained Earnings
For the year ended June 30, 2017
Balance on June 30th 2016	$                  2,388,379.11
Loss from July 1, 2015 - June 30th, 2016	$                   (248,364.99)
Beginning Balanace on July 1, 2016		2140014.12
Profit from July 1, 2016 - June 30, 2017	$                     223,224.99
Closing Retained Earning on June 30, 2017		236239.11

Answer 1

Balance Sheet of Panther Marine
Particulars		June - 17		June - 16
Assets
Current Assets
Cash		3,78,989		5,62,480
Accounts Receivable	7,55,400		8,22,633
Less: Allowance for Doubtful Debts	19,817	7,35,583	25,643	7,96,990
Inventory
Merchandise	3,46,350		4,40,980
Expected returns	43,541		56,450
Office Supplies	2,465	3,92,356	1,250	4,98,680
Prepaid Expenses (Rent)		10,500		12,500
Other Assets
Investments Held to Maturity		40,005		23,850
Investments
Investments Trading	60,000		45,000
Investments available for sale	26,450	86,450	14,650	59,650
Plant Property and Equipment
Land		25,05,555		17,43,778
Building	18,43,723		18,93,723
Less: Depreciation	15,00,000	3,43,723	15,04,955	3,88,768
Valuation Allowance		-35,000		27,000
Furniture	22,500		32,500
Less: Depreciation	4,500	18,000	3,500	29,000
Equipment	61,000		51,000
Less: Depreciation	30,000	31,000	28,000	23,000
Total		45,07,162		41,65,696
Liabilities
Current Liabilities
Accounts Payable		9,04,850		11,56,000
Unearned Rent		4,000		6,000
Customer Refunds payable		29,028		35,682
Notes Payable		2,12,000		12,000
Long Term Liabilities
Bonds Payable		4,00,000		2,00,000
Mortgage Payable		1,98,000		2,48,000
Owners Equity
Common Stock		65,500		50,000
Paid In Capital - Excess of Par		5,10,545		3,56,000
Retained Earnings	23,01,239		21,40,014
Treasury Stock	-18,000		-38,000
Cash Dividend	-1,00,000	21,83,239		21,02,014
Total		45,07,162		41,65,696