1. Prepare a classified balance sheet from T accounts. Preparing a classified balance sheet - Excel ? REVIEW VIEW Sign In FILE HOME INSERT PAGE LAYOUT FORMULAS DATA Calibri 11 AA = % E- Paste BIU T Clipboard G Font Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells B3 x fx DEF G 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. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. Bought $900 of supplies on account. 6 7 1. Purchased $10,000 of equipment, paying cash. 8. Paid $500 on account for supplies purchased in transaction (c). H 9 10 11 12 13 14 al. 34.500 15 16 Cash 50,000 Supplies 5,000 b. 10,000 d. c 900 500 e. bal. 900 17 Land 20,000 Equipment d. 10,000 18 19 al. 20,000 20 21 22 23 Accounts Payable 500 900 bal. 10,000 Note Payable 15,000 b. READY Sheet1 100% 1. Prepare a classified balance sheet from T accounts. ? REVIEW VIEW Preparing a classified balance sheet - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA Calibri - 11 ' % Paste BIU- Alignment Number Conditional Format as Cell Cells Formatting Table Styles- Clipboard Font Styles + Sign In x B3 3 x fx A B D EF G H 22 e 500 900 15,000 b. 23 24 400 bal. 15,000 bal. 25 26 Common Stock 27 50,000 a. 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 38 39 40 Assets 41 Current Assets 42 43 44 Total Current Assets 45 Sheet1 LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities READY # 100% Prepare a Classifed Dalarice sheet from accounts. A Preparing a classified balance sheet - Excel ? FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In % Paste Clipboard B3 36 37 38 39 40 L Calibri 11 AA BIU 41 Current Assets 42 B 43 44 Total Current Assets 45 46 ong-term Assets Font x fx C Alignment Number Conditional Format as Cell Formatting Table Styles- Styles Cells DEF G H 1 LANTANA COMPANY Balance Sheet At December 31, 2016 Assets 47 48 49 Total Long-term Assets 50 51 52 53 54 55 56 57 Total Assets 58 59 READY Sheet1 Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities Long-term Liabilities Total Long-term Liabilities Total Liabilities Stockholders' Equity Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity # 0 100%