Question

? X SSB HOME INSERT Preparing a classified balance sheet - Excel FORMULAS DATA REVIEW - Sign In PAGE LAYOUT VIEW Paste B I U. . Clipboard Font - A - Alignment Number Conditional Format as Cell Cells Formatting Table Styles - Styles fic The following transactions occurred for Lantana Company during its first month A1 X H The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the T-accounts below. 4 a. Received $50,000 cash from owners in exchange for common stock. 5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. 6 c. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash. 8 e. Paid $500 on account for supplies purchased in transaction (C). Cash 50,000 c Supplies 900 5,000 10,000 500 b d. e. 34500 9001 Land 20,000 Equipment 10,000 0 20.000 10.000 0 Note Payable Accounts Payable 5001 900 C 15,000 b. 400 bal. 15.000 bal. Common Stock 50,000 a. 50,000 bal. Sheet1 ... +

Answer 1

LANTANA COMPANY
Balance sheet
AT DECEMBER 31,2016
ASSETS		LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT ASSETS		CURRENT LIABILITIES
SUPPLIES	900	ACCOUNT PAYABLE	400
CASH	34500
TOTAL CURRENT ASSETS	35400	TOTAL CURRENT LIABILITIES	400
LONG TERM ASSETS		LONG TERM LIABILITIES
LAND	20000	NOTE PAYABLE	15000
EQUIPMENT	10000
TOTAL LONG TERM ASSETS	30000	TOTAL LONG TERM LIABILITIES	15000
BUILDING		TOTAL LIABILITIES	15400
EQUIPMENT
FURMITURE		STOCKHOLDERS EQUITY
GOODWILL/PATENT		COMMON STOCK	50000
MACHINERY		RETAINED EARNING	0
LAND		TOTAL STOCKHOLDERS EQUITY	50000
VEHICLES		TOTAL LIABILITIES
TOTAL ASSETS	65400	AND STOCKHOLDERS EQUITY	65400
	CASH ACCOUNT
COMMON STOCK	50000	LAND	5000
		EQUIPMENT	10000
		ACCOUNT PAYABLE	500
		BALANCE	34500
TOTAL	50000	TOTAL	50000
BALANCE	34500
	SUPPLIES
ACCOUNT PAYABLE	900	BY BALANCE C/D	900
TOTAL	900	TOTAL	900
BALANCE	900
	LAND ACCOUNT
TO CASH	5000
TO NOTE PAYABLE	15000
		BY BALANCE C/D	20000
TOTAL	20000	TOTAL	20000
BALANCE	20000
	EQUIPMENT ACCOUNT
TO CASH	10000	BY BALANCE C/D	10000
TOTAL	10000	TOTAL	10000
TO BALANCE	10000
	ACCOUNT PAYABLE
TO CASH	500	BY SUPPLIES	900
TO BALANCE C/D	400
TOTAL	900	TOTAL	900
		BY BALANCE	400
	COMMON STOCK ACCOUNT
		BY CASH	50000
TO BALANCE C/D	50000
TOTAL	50000	TOTAL	50000
		BY BALANCE B/D	50000
	NOTE PAYABLE
		BY LAND	15000
TO BALANCE C/D	15000
TOTAL	15000	TOTAL	15000
		BY BALANCE	15000