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 in a blank cell, B11" was entered the formula would output the result from cell B11, or $50,000 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). From the Excel Simulation below, if in a blank cell C114C12" 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. 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) g 10 Cash 50,000 Supplies 900 b c. 11 a. 12 5,000 10,000 500 d. e. 13 14 bal. bal 900 34,500 15 16 17 b. 18 Land 20,000 Equipment 10,000 d. 20,000 bal 10,000 19 bal. 20 21 Note Payable Accounts Payable SOO 900 c. 15,000 b. 22 e. 23 24 400 bal 15,000 bal 25 Common Stock 50,000 a 26 27 28 29 50,000 bal. Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities 0 Assets 1 Current Assets -2 13 24 Total Current Assets 5 46 Long-term Assets 47 48 49 Total Long-term Assets 50 51 52 Long-term Liabilities Total Long-term Liabilities Total Liabilities Stockholders' Equity 53 0 54 55 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 56 57 Total Assets 58 59
