all answers must be answered in formula.

1. Prepare a classified balance sheet from T accounts 2 ES FILE VIEW - 11 Paste v 5. Preparing a classified balance sheet - Excel HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW Sign In Calibri RA % M BIU Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Clipboard Font Styles AL The following transactions occurred for Lantana Company during its first month A DEF G H 1 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 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 c. Paid $500 on account for supplies purchased in transaction (c) B > 9 10 11 a Cash 50,000 c . Supplies 900 b. d. 5,000 10,000 500 12 e. 34,500 bal. 9001 13 14 bal. 15 16 17 b. 18 19 bal. 20 Land 20,000 d. Equipment 10,000 20.000 bal. 10.000 Accounts Payable 500 Note Payable 21 22 e. 23 24 900 c. 15,000 b. 400 hal Sheet1 15.000 hal 1. Prepare a classified balance sheet from T accounts 5 B FILE X 11 M Paste Clipboard Preparing a classified balance sheet - Excel ? 5 x HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri % BIU- Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Font Styles The following transactions occurred for Lantana Company during its first month B DEF H 1 Accounts Payable Note Payable 500 900 c. 15,000 b. A1 - G A 21 22 e. 23 a. 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 40 Assets Liabilities and Stockholders' Equity 41 Current Assets Current Liabilities 42 43 44 Total Current Assets Total Current Liabilities Sheet1 6 FILE HOME INSERT * Calibri -11 Paste BIU Preparing a classified balance sheet - Excel ? 23 6 PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign in A A % M A. Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Styles The following transactions occurred for Lantana Company during its first month DEF G 1 Clipboard Font A1 > > H LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities Long-term Liabilities B 36 37 38 39 40 Assets 41 Current Assets 42 43 44 Total Current Assets 45 46 Long-term Assets 47 48 49 Total Long-term Assets 50 51 52 53 54 SS 56 57 Total Assets 58 59 Total Long-term Liabilities Total Liabilities Stockholders' Equity 0 % % Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Sheet1 READY Attempt(s) EL E 100% Hint