Question

Lantana Company has provided you with the transactions that occurred during its first month of operations. The Controller has already recorded the transactions to the T-Accounts and has asked you to prepare the classified balance sheet based on the T-Account balances. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.

Answer 1

				Balance sheet
	Assets				$	Liabilities and stockholder's equity				$
	Current assets:					Current laibilities:
	Cash				34500	Accounts payable				400
	Supplies				900	Total current laibilities			(A)	400
	Total current assets (A)				35400
						Long-term liabilities:
	Long-term assets:					Note payable				15000
	Land				20000	Total long-term liabilities			(B)	15000
	Equipment				10000	Total liabilities			©=(A)+(B)	15400
	Total long-term assets			(B)	30000
						Stockholder's equity:
						Common stock				50000
						Retained earnings				0
						Total stockholder's equity			(D)	50000
	Total assets		(A)+(B)		65400	Total liabilities and stockholder's equity (C)+(D)				65400