chapter 9 excel

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 accounts and has asked you to prepare a classified balance sheet based on the 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 In the Excel Simulation below, if "=CII" is entered in a blank cell, the formula outputs the result from cell C11, which is 5,000 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). In the Excel Simulation below, if "=C11+C12" is entered in a blank cell, the formula addis the values from those cells and outputs the result, which is 15,000 in this example. If using the other math symbols, the result is an appropriate answer for the 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. In the Excel Simulation below, if "=SUM(C11,C12,C13)" is entered in a blank cell, the formula outputs the result of adding those three separate cells, which is 15,500 in this example. Similarly, if "=SUM(C11:C13)" is entered in a blank cell, the formula outputs the same result of adding those cells even though they are expressed as a range in the formula, so the resuit is 15,500 in this example. 1 The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. a. Received $50,000 cash from owners in exchange for common stock. 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. d. Purchased $10,000 of equipment, paying cash. e. Paid $500 on account for supplies purchased in transaction (c). \begin{tabular}{|l|} \hline 15 \\ 16 \\ 17 \\ 18 \\ 19 \\ 20 \\ \hline 71 \end{tabular} Land Equipment b. 20,000 d. bal. 20,000 bal. 10.000 \begin{tabular}{ll|l|l|l|l} 1 & Accounts Payable \\ \hline 2 & 500 & 900 & c. & Note Payable \\ \hline 23 & e. & 400 & bal. \end{tabular} Required: Using the T-account BALANCES and the information in the transactions, prepare a classified balance sheet for Lantana Company. 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. LANIANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities 46 Long-term Assets Long-term Liabilities \begin{tabular}{l|l|l|} \hline 47 & & \\ \hline 48 & & \\ \hline 49 & Total Long-term Assets & \\ \cline { 1 - 3 } & & \\ \hline \end{tabular} Total Long-term Liabilities Total Liabilities Stockholders' Equity \begin{tabular}{|l|l|l|} \hline 54 & & \\ \hline 55 & & \multicolumn{1}{|c|}{ Retained Earnings } \\ 56 & & Total Stockholders' Equity \\ 57 & Total Assets & Total Liabilities \\ \hline 58 & & and Stockholders' Equity \end{tabular}