This is a major project for my accounting 202 class. it consists of three parts; i did part 1 and i need help with parts 2 and 3.
Instructions Davenport University: ACCT202 Project - Part II Part II Financial Statements 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. 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 adjusted trial balance worksheet: "changes" columns (only the identified cells). 2. Complete IS June 2018 worksheet: Create a multi-step income statement 3. Complete Smnt of RE June 2018 worksheet: Create a statement of retained earnings 4. Complete BS June 2018 worksheet: Create a classified balance sheet 5. Complete Statement of CF June 2018 worksheet: create a statement of cash flows using the INDIRECT method. Adjusted Trial Balance Davenport Docking Corporation For the Years Ended June 30, 2017 and 2018 Instructions: Below are the adjusted trial balances for the years ended June 30, 2017 and 2018. 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 (see cash for example). USE the June 30, 2018 adjusted trial balance columns to create the Income Statement, Statement of Retained Earnings and Balance Sheet. Use the "changes" columns to complete the Statement of Cash Flows. DO NOT COMPLETE CELLS in "changes columns" THAT ARE GRAYED OUT. June 30, 2017June 30, 2018 AdjustedAdjusted Trial BalanceChangesTrial BalanceStatement of Cash Flow Notes Acct. No.Account TitleDr.Cr.DebitCreditDr.Cr 100Cash562,480.00183,490.91378,989.09*Change in cash not required, but should match smnt of cash flows 102Accounts Receivable822,633.00755,400.00 103Allowance for Doubtful Accounts25,643.0019,816.89 104Merchandise Inventory440,980.00346,350.00 105Estimated Returns Inventory56,450.0043,541.00 106Office Supplies1,250.002,465.00 107Prepaid Rent12,500.0010,500.00 120Investments - Trading59,650.0086,450.00 122Investments - Held to Maturity23,850.0040,005.01 140Land1,743,777.652,505,555.01 145Building1,893,723.481,843,723.48 146Accumulated Depreciation - Building1,504,955.011,500,000.00*Use depreciation expense 151Equipment 51,000.00127,000.00 152Accumulated Depreciation - Equipment28,000.0096,000.00*Use depreciation expense 153Office Furniture32,500.0022,500.00 154Accumulated Depreciation - Office Furniture3,500.004,500.00*Use depreciation expense 201Accounts Payable1,156,000.00904,850.00 202Wages Payable- 0- 0 203Interest Payable- 0- 0 204Dividends Payable- 0- 0 205Unearned Rent6,000.004,000.00 206Customer Refunds Payable35,682.0029,027.60 250Notes Payable12,000.00212,000.00 251Bonds Payable200,000.00400,000.00 252Premium on Bonds Payable- 0- 0 253Discount on Bonds Payable- 0- 0 252Mortgage (Warehouse) Payable248,000.00198,000.00 300Common Stock, $1 Par, 100,000 Authorized; 65,500 shares Issued/Outstanding50,000.0065,500.00 301Paid In Capital - Excess of Par356,000.00510,544.99 330Retained Earnings2,351,379.112,113,014.12 331Cash Dividends- 0100,000.00 340Treasury Stock38,000.0018,000.00 500Sales1,142,580.001,713,529.98 600Cost of Goods Sold450,199.00723,159.00 700Wage Expense (hourly workers)594,515.01399,500.00 701Salaries Expense (Exempt Staff)89,000.00129,000.00 702Marketing Expense65,000.0075,000.00 703Travel and Entertainment Expense525.00925.00 704Bad Debt Expense5,816.889,816.88 705Property Tax Expense111,104.10- 0 706Office Maintenance & Repair Expense- 0- 0 707Legal Expenses- 05,400.00 708Insurance Expense1,500.003,500.00 709Miscellaneous Expense48,985.0068,624.12 710Office Supplies Expense400.00735.00 711Telecommunications Expense- 0100.00 712Depreciation Expense - Building- 0100,000.00 713Depreciation Expense - Equipment4,000.006,000.00 714Depreciation Expense - Office Furniture500.001,000.00 800Rent Income- 02,000.00 802Realized Gain - Investment Securities- 051,955.01 900Interest Expense5,400.0012,500.00 902Realized Loss - Investment Securities4,000.009,000.00 Total7,119,739.1207,119,739.1207,824,738.5907,824,738.590 1,380,944.991,142,580.001,544,260.001,767,484.99 Net Income (Loss)(238,364.99)223,224.99 Total Difference- 0- 0 IS June 2018 Davenport Docking Corporation 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 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. Separate expenses between operating and other expenses/losses d. Separate revenue between sales and other revenues/gains e. Gross profit and income from operations must be included f. Net income (loss) must be the last item on this financial statement. Stmt RE June 2018 Davenport Docking Corporation Instructions: Using the "June 30, 2018 adjusted trial balance" information AND income statement complete the statement of retained 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: a. ONLY use accounts that have adjusted balances b. Proper report title c. Net increase or decrease in retained earnings d. Beginning balance July 1, 2017 (Hint: this is not the same as June 30, 2017 balance) e. Cash dividends and net income (loss) BS June 2018 Davenport Docking Corporation Instructions: Using the "June 30, 2018 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 Statement of CF June 2018 Davenport Docking Corporation Instructions: Using 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: 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. Assume all financing changes utilized only cash g. Panther Marine considers bonds and notes as financing activities h. THERE IS NO GAIN OR LOSS ON SALE OF FIXED ASSETS Instructions Davenport University: ACCT202 Project - Part III *Part III is completely independent of parts I and II and cannot be used to check answers for this parts. Part III - READ ALL INSTRUCTIONS - COMPLETELY SEPARATE FROM PARTS I & II Financial Statement Analysis a. Within this workbook there is a worksheet labeled "Adjusted Trial Balances". Within that worksheet you will find fully completed trial balances for 5 years. Also within this workbook you will find worksheets for comparative income statements and comparative balance sheets. Using the trial balances or comparative financial statements you need to calculate a variety of ratios. You will find the required ratios in the worksheet labeled "Ratios Historical". Complete all the required ratios AND analysis (see Ratios Historical worksheet). You MUST use formulas and/or linking to compute your ratios. You cannot simply hard key the answers. You must reference the appropriate data from the trial balances or comparative financial statements. b. After completing all of your ratio calcualtions, analyze the results in comparison to prior years and industry averages. Write a business memo explaining your findings. Your memo must be writtin in Word and follow normal business memo conventions - use word memo templates for this. There is not a length requirement, however you will be graded upon the substance of your analysis. Adjusted Trial Balances B/S Adjuster112%112%106%106%110%110%109%109%98% I/S Adjuster1212102%102%102%102%101%101%97% June 30, 2018June 30, 2017June 30, 2016June 30, 2015June 30, 2014 AdjustedAdjustedAdjustedAdjustedAdjusted Trial BalanceTrial BalanceTrial BalanceTrial BalanceTrial Balance Acct. No.Account TitleDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr. 100Cash334,504.00354,574.24341,194.08364,609.36327,813.92 102Accounts Receivable555,666.00589,005.96566,779.32605,675.94544,552.68 103Allowance for Doubtful Accounts22,580.0023,934.8019,588.8024,612.2022,128.40 104Merchandise Inventory456,897.00484,310.82466,034.94498,017.73447,759.06 105Estimated Returns Inventory32,500.0034,450.0033,150.0035,425.0031,850.00 106Office Supplies5,689.006,030.345,802.786,201.015,575.22 107Prepaid Insurance15,400.0016,324.0015,708.0016,786.0015,092.00 120Investments - Trading (Temporary)120,000.00127,200.00122,400.00130,800.00117,600.00 121Investments - Long Term35,400.0037,524.0036,108.0038,586.0034,692.00 122Investments - Long Term80,000.0084,800.0081,600.0087,200.0078,400.00 123Valuation Allowance 52,000.0055,120.0053,040.0056,680.0050,960.00 140Land1,550,000.001,553,000.001,551,000.001,500,000.001,500,000.00 145Building1,200,000.001,200,000.001,200,000.001,254,500.001,249,000.00 146Accumulated Depreciation - Building750,000.00720,000.00690,000.00660,000.00630,000.00 151Equipment 85,000.0080,000.0080,000.0080,000.0075,000.00 152Accumulated Depreciation - Equipment68,000.0059,500.0051,000.0042,500.0034,000.00 153Office Furniture14,000.0014,000.0014,000.0014,000.0014,000.00 154Accumulated Depreciation - Office Furniture12,000.0010,000.008,000.006,000.004,000.00 201Accounts Payable680,980.00721,838.80694,599.60168,900.00170,000.00 202Wages Payable- 0- 0 203Interest Payable- 0- 0 204Dividends Payable- 0- 0 205Unearned Rent10,000.0010,600.0010,200.0010,900.009,800.00 206Customer Refunds Payable18,795.0019,922.7019,170.9020,486.5518,419.10 250Notes Payable650,000.00689,000.00663,000.00708,500.00637,000.00 251Bonds Payable1,300,000.001,378,000.001,000,000.001,417,000.001,274,000.00 252Premium on Bonds Payable56,000.0050,000.0035,000.0055,000.0045,000.00 253Discount on Bonds Payable16,000.0010,000.0010