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. Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, *-811" was entered the formula would output the result from cell B11, or $50,000 in this example. • Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add),- (minus sign to subtract). * (asterisk sign to multiply), and/(forward slash to divide). From the Excel Simulation below, if in a blank cell "C11C12" was entered, the formula would add the values from those cells and output the result, or 15,000 in this example. If using the other math symbols the result would output an appropriate answer for its function. • SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below. If in a blank cell"-SUM(C11,C12.013)" was entered the formula would output the result of adding those three separate cells, or 15,500 in this example. Similarly, if in a blank cellSUM(C11:013)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 15,500 in this example, es Preparing a classified balance sheet - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In X Calibri 11 -A A % H Paste BIU A Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Clipboard Font Styles A1 The following transactions occurred for Lantana Company during its first month B с DEF G H 1 The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. A

Answer 1

Requirement:

Cash
a	$    50,000	b	$      5,000
		d	$    10,000
		e	$         500
End.bal	$   34,500
Accounts payable
e	$         500	c	$         900
		End.bal	$         400
Notes payable
		b	$    15,000
		End.bal	$   15,000
Land
b	$    20,000
End.bal	$   20,000
Equipment
d	$    10,000
End.bal	$   10,000
Common stock
		a	$    50,000
		End.bal	$   50,000
Supplies
c	$         900
End.bal	$         900

LANTANA COMPANY
Balance sheet
At December 31,2016
Assets		Liabilities
Current assets:		Current liabilities:
Cash	$       34,500	Accounts payable	$             400
Supplies	$             900
Total current assets	$       35,400	Total current liabilties	$             400
		Long term liabilities:
Property,plant, and equipment:		Note payable	$       15,000
		Total long term liabilities	$       15,000
Equipment	$       10,000	Total Liabilities	$       15,400
Land	$       20,000	Stockholders` Equity
		Common Stock	$       50,000
		Retained Earnings	$                -
Total Long-term assets	$       30,000	Total stockholders` equity	$       50,000
Total Assets	$       65,400	Total liabilities and stockholders` equity	$       65,400