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"-C11" 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 adds 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(C11.012,013)" 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(C11C13)" 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 result is 15,500 in this example A H I 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. c. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash. e. Paid $500 on account for supplies purchased in transaction (c), 6 8 9 A B 15 DEF G H 1 9 Cash 50,000 Supplies 900 c. 20 points 10 11 a. 12 13 14 bal. 15 16 5,000 10,000 500 b. d. e. 34.500 bal Skipped 900 17 b. Land 20,000 Equipment 10,000 eBook d 18 Print 19 bal. 20.000 bal 10.000 References Accounts Payable Note Payable 500 XXO C. 15,000 b. 400 bal 20 21 22 c. 23 24 25 26 27 28 20 30 15.000 bal. Common Stock 50.000 50.000 bal. J9 1 A B DEF G H 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 45 46 Long-term Assets Long term Liabilities 47 48 49 Total Long-term Assets Total Long-term Liabilities 50 Total Liabilities 51 52 Stockholders' Equity 53 54 Retained Earnings 0 55 Total Stockholders' Equity 56 Total Liabilities 57 Total Assets and Stockholders' Equity 58 S& Sheet1 1 READY Attempt(s) 100% Show Me Hint
