Question

Need some help getting this answered please using formulas since I have to find the answer using excel. Have to fill in the yellow area thank you.

A1 The following transactions occurred for Lantana Company during its first month H D E F 1 The following transactions occurred for Lantana Company during its first month of operations 2 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. e. Paid $500 on account for supplies purchased in transaction (c). Supplies Cash 50,000 900 5,000 10,000 500 b. d. e. 34,500 900 Land 20,000 Equipment 10,000 20,000 10.000 Note Payable Accounts Payable 500 900 C. 15,000 b. non bal 1r nan Lal

Answer 1

Answer)

LATANA COMPANY
BALANCE SHEET
At DECEMBER 31,2016
Assets		Liabilities and Stockholder's Equity
Current Assets		Current liabilites
Cash	34,500	Accounts payable	400
Supplies	900
Total Current assets	35,400	Total Current Liabilities	400
Long term Assets		Long Term Liabilities
Land	20,000	Notes Payable	15,000
Equipment	10,000
Total Long Term Assets	30,000	Total Long Term Liabilities	15,000
		Total Liabilities	15,400
		Stockholder's Equity
		Common Stock	50,000
		Retained Earning	-
		Total Stockholder's Equity	50,000
Total Assets	65,400	Total liabilities & Shareholder's equity	65,400