Question

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I need to fill this in with a formula I know the answer I just don't know how to plug it in with a formula using excel.

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

Lantana Company
Balance Sheet
At Dec 31, 2016
assets	amount ($)	liabilities and stockholders equity	amount ($)
current assets			current liabilities
cash	34500		accounts payable	400
supplies	900		total current liabilities		400
total current assets		35400	long-term liabilities
long-term assets			notes payable	15000
equipment	10000		total long-term liabilities		15000
land	20000		stockholders equity
total long-term assets		30000	common stock	50000
			total stockholers equity		50000
total assets		65400	total liabilities and stockholders equity		65400