1. Prepare a classified balance sheet from T accounts. ? 33 - 35 Preparing a classified balance sheet - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In FILE HOME INSERT 11 - G H 1 B 9 Calibri A A M Paste BIU Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Clipboard Font Styles 3 fc The following transactions occurred for Lantana Company during its first month DEF 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. 8 e. Paid $500 on account for supplies purchased in transaction (c), 10 Cash Supplies 5.000 50,000 b. c. 900 11 a. 12 10,000 d 13 500 14 bal. 34,500 bal. 900 15 16 Land Equipment d. 10,000 17 b. 20.000 18 19 bal. 20,000 bal. 10,000 20 21 Accounts Payable Note Payable 5001 27 e. 15.000 h ann e. c. Preparing a classified balance sheet - Excel Sign In HOME VIEW FILE INSERT FORMULAS DATA REVIEW PAGE LAYOUT 11 v B Calibri -A % M Paste BIU - Cells Alignment Number Conditional Format as Cell Editing Formatting Table - Styles Clipboard Font Styles A1 The following transactions occurred for Lantana Company during its first month A DEF G H 1 21 Accounts Payable Note Payable 22 e. 500 900 c. 15,000 b. 23 24 400 bal. 15,000 bal. 25 26 Common Stock 27 50.000 28 29 50,000 bal. 30 31 Required: 32 Using the T-account BALANCES and the information in the transactions, 33 prepare a classified balance sheet for Lantana Company. 34 Note: Use cell references to the T-account titles to complete columns B and G. Use cell references to the 35 T-account balances and formulas to complete columns C and H. List long-term assets in alphabetical order. 36 37 LANTANA COMPANY 38 Balance Sheet 39 At December 31, 2016 a. 1. Prepare a classified balance sheet from T accounts. FILE HOME INSERT DATA VIEW X Calibri Paste BIU- - Preparing a classified balance sheet - Excel PAGE LAYOUT FORMULAS REVIEW Sign In AA % M Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Styles fo The following transactions occurred for Lantana Company during its first month DEF H Liabilities and Stockholders' Equity Current Liabilities Clipboard Font v c G 1 Total Current Liabilities A B 40 Assets 11 Current Assets 42 43 14 Total Current Assets 15 46 Long-term Assets 47 18 19 Total Long-term Assets 50 51 Long-term Liabilities Total Long-term Liabilities Total Liabilities Stockholders' Equity 32 53 54 SS 0 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 56 57 Total Assets 58
