Chapter 3: Homework (Part 2) Saved FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In 11 % 4 Paste 25 points Calibri -A A BIU >> Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Clipboard Font Styles A1 fx The following transactions occurred for Lantana company during its first month c The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. X A B G H . > eBook References 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. 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 (s). 9 Cash Supplies 11 a. 50,000 5,000 b. 900 12 10,000 10 c. d. 13 500 e. 14 bal. 34.500 bal. 900 Land 20,000 d. Equipment 10,000 20.000 bal 15 16 17 b. 18 19 bal 20 21 22 e. 23 24 10,000 Accounts Payable 500 Note Payable 900 C. 15,000 b. MAD Sheet1 EN + 100% READY Attempt(s) Stow Me 9 bal. 20.000 bal. 10.000 0 1 Accounts Payable 500 Note Payable 900 c. 2 e. 3 15,000 b. 4 400 bal. 15.000 bal. 5 Common Stock 6 7 50,000 a. 8 50.000 bal. 9 0 1 Required: 2 Using the T-account BALANCES and the information in the transactions, 3 prepare a classified balance sheet for Lantana Company. 4 Note: Use cell references to the T-account titles to complete columns B and G. Use cell references to the 5 T-account balances and formulas to complete columns Cand H. List long-term assets in alphabetical order. 6 7 8 9 LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities 0 Assets 1 Current Assets 2 Sheet1 READY Attempt(s) + 100% Show Me A1 : The following transactions occurred for Lantana Company during its first month V A B C H 39 G At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Assets 40 41 Current Assets 42 43 44 Total Current Liabilities Long-term Liabilities Total Current Assets 45 46 Long-term Assets 47 48 49 Total Long-term Assets 50 51 Total Long-term Liabilities Total Liabilities Stockholders' Equity 52 53 54 0 55 56 57 Total Assets 58 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 59 60 61 Sheet1 4 ELE READY Attempt(s) 100% Show Me
