Answer To: Hello, I need the Adjusted Trial Balance changes columns completed for the Statement of Cash Flows...
Khushboo answered on Oct 18 2021
Instructions
Davenport University: ACCT202 Project - Part II
Part II
Financial Statements
a. Panther Pacific 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 August 31, 2020. PART II is COMPLETELY separate from PART I.
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 IS August 2020 worksheet: Create a multi-step income statement
2. Complete Smnt of RE August 2020 worksheet: Create a statement of retained earnings
3. Complete BS August 2020 worksheet: Create a classified balance sheet
4. Complete adjusted trial balance worksheet: "changes" columns (only the identified cells).
5. Complete Statement of CF August 2020 worksheet: Create a statement of cash flows using the INDIRECT method.
&A
Adjusted Trial Balance
Panther Pacific Corporation
For the Years Ended August 31, 2019 and 2020
To complete part 2 Follow IN ORDER:
1. Create multi-step Income Statement using the August 31, 2020 adjusted balances AND formatting information from IS tab.
2. Create statement of retained earnings using August 31, 2020 adjusted balances AND formatting information from stmnt of RE tab.
3. Create classified balance sheet using August 31, 2020 adjusted balances AND formatting information from BS tab.
4. Create statement of cash flows using the income statement, the "changes" columns from below, and the additional notes to the right of August 31, 2020 adjusted trial balance columns. To complete the "changes" columns and the statement of cash flows:
a. Input a formula in either the debit column OR the credit column to find the change in account balance from August 2019 to August 2020.
b. Only complete the "changes" cells that are outlined and have 2019 beginning balances and 2020 ending balances. Do not find changes in cells that are grayed out.
c. Use the "changes" amounts to create the statement of cash flows. Amounts from the income statement will also be needed.
d. Pay attention to statement of cash flows additional information columns below. These give hints.
August 31, 2019 CHANGES COLUMNS
Used ONLY for Statement of cash flows August 31, 2020 Additional Notes for Statement of Cash Flows
Adjusted Adjusted
Trial Balance Trial Balance
Acct. No. Account Title Dr. Cr. Debit Credit Dr. Cr
100 Cash 583,730.00 347,600.00 Change in cash not required, but should match net increase or decrease in cash on smnt of cash flows
102 Accounts Receivable, net 445,000.00 19,500.00 425,500.00
104 Merchandise Inventory, net 497,430.00 100,170.00 597,600.00
106 Office Supplies 1,250.00 5,250.00 6,500.00
107 Prepaid Expenses 12,500.00 2,000.00 10,500.00
120 Equity Investments - Trading 59,650.00 26,800.00 86,450.00
122 Investments - Held to Maturity 23,850.00 32,100.00 55,950.00
140 Land 1,000,000.00 500,000.00 1,500,000.00
145 Building 2,500,000.00 1,000,000.00 3,500,000.00
146 Accumulated Depreciation - Building 312,500.00 400,000.00 Use depreciation expense from income statement
151 Equipment 170,000.00 35,000.00 205,000.00
152 Accumulated Depreciation - Equipment 85,000.00 96,000.00 Use depreciation expense from income statement
153 Office Furniture 32,500.00 8,125.00 24,375.00
154 Accumulated Depreciation - Office Furniture 16,250.00 8,125.00 Use depreciation expense from income statement
201 Accounts Payable 356,000.00 37,420.00 393,420.00
202 Wages Payable - 0 - 0
203 Interest Payable - 0 - 0
204 Dividends Payable - 0 - 0
205 Unearned Rent 6,000.00 2,000.00 4,000.00
206 Customer Refunds Payable 35,600.00 6,600.00 29,000.00
250 Notes Payable - Long Term 12,000.00 200,000.00 212,000.00
251 Bonds Payable - Long Term 200,000.00 200,000.00 400,000.00
252 Premium on Bonds Payable - 0 - 0
253 Discount on Bonds Payable - 0 - 0
252 Mortgage (Warehouse) Payable 248,000.00 550,000.00 798,000.00
300 Common Stock, $1 Par, 100,000 Authorized; 81,000...