First 3 photos provide the information to aquire the answer, the last photo is the balance sheet in the excel sheet and you need to follow the rules from the first photo when filling it out
Preparing a Classified Balance Sheet using Excel's SUM and Basic Math Functions 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 T-Accounts and has asked you to prepare the classified balance sheet based on the T-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. From the Excel Simulation below, if jn a blank cell, "-B11 was entered, the formula would output the result from cell B11, or $50.000 in this example. Bosic Moth 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). From the Excel Simulation below. If in a blank cell "-C11+C12" was entered, the formula would add the values from those cells and output the result, or 15,000 in this example. If using the other math symbols the result would output an appropriate answer for Its 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. From the Excel Simulation below, if in a blank cell SUM(C11,C12,C13) was entered, the formula would output the result of adding those three separate cells, or 15.500 in this example. Similarly, if In a blank cell-SUM(C11:C13)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 15,500 in this example. Styles B11 50000 A B C E E G H 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 e. Paid $500 on account for supplies purchased in transaction (c ) 10 Cash Supplies 900 11 a. 50,000 5,000 10,000 b C. 12 d. 13 500 e. 14 bal. 34,500 bal. 900 15 16 Land Equipment 10,000 17 b 20,000 d. 18 19 bal. 20,000 bal. 10,000 20 21 Accounts Payable Note Payable 22 e 500 900 c. 15,000 b. 23 Sheet1 READY 100% A DEF G 1 Accounts Payable Note Payable 2 e. 500 900 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 40 Liabilities and Stockholders' Equity Assets 41 Current Assets Current Liabilities 42 43 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 At December 31, 2016 39 Liabilities and Stockholders' Equity 40 Assets 41 Current Assets Current Liabilities 42 43 44 Total Current Assets Total Current Liabilities 45 46 Long-term Assets Long-term Liabilities 47 48 49 Total Long-term Assets 50 Total Long-term Liabilities Total Liabilities 51 52 Stockholders' Equity 53 54 Retained Earnings Total Stockholders' Equity Total Liabilities land Stockholders' Equity 55 56 57 Total Assets Sheet1 READY
