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.

The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the T-accounts below.
a. Received $50,000 cash from Lantana, the sole proprietor.
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).
	Cash				Supplies
a.	50,000	5,000	b.		c.	900
		10,000	d.
		500	e.
bal.	34,500				bal.	900
	Land				Equipment
b.	20,000				d.	10,000
bal.	20,000				bal.	10,000
	Accounts Payable				Note Payable
e.	500	900	c.			15,000	b.
		400	bal.			15,000	bal.
	Lantana, Capital
		50,000	a.
		50,000	bal.
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 T-account balances and formulas to complete columns C and H.
LANATANA COMPANY
Balance Sheet
At December 31
Assets		Liabilities and Equity
Current Assets			Current Liabilities
Total Current Assets			Total Current Liabilities
Long-term Assets			Long-term Liabilities
Total Long-term Assets			Total Long-term Liabilities
				Total Liabilities
				Owners' Equity
				Total Owners' Equity
Total Assets			Total Liabilities and Equity