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, "=B11" 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 "=C11+C12" 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,C13)" 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 cell"=SUM(C11:C13)" 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. XB H5 Preparing a classified balance sheet - Excel ? Х FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 AA Paste BIU > % Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Clipboard Font A1 X The following transactions occurred for Lantana Company during its first month B G H 1 I A с 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. 3 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). 4 9 10 Cash 50,000 Supplies 900 11 a. c. 12 5,000 10,000 500 b. d. e. 13 14 bal. 34.500 bal. 200 15 16 Land 20,000 Equipment 10,000 d. 17 b. 18 19 bal. 20.000 bal. 10.000 20 21 Note Payable Accounts Payable 500 900 c. 15,000 b. 22 e. 23 24 LE000 1 Sheet1 +

Answer 1

LANTANA COMPANY
BALANCE SHEET
Assets	Amount	Liabilites and stockholder's equity	Amount
Current Assets		Current liabilites
Cash	34500	Accounts payable	400
Supplies	900	Total current liabilities	400
Total current assets	35400
Long term assets		Long term liabilities
Land	20000	Note payable	15000
equipment	10000	Total long term liabilities	15000
Total long trm assets	30000	Total liabilities
		Stockholder's equity
		Common stock	50000
		Retained earnings	0
		Total stockholder's equity	50000
Total assets	65400	Total liab & stockholder's equity	65400