Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please provide excel formulas. required information from the following t accounts please procide excel formaluas. thank you Required: 2 Using the T-account BALANCES and the

please provide excel formulas. image text in transcribed
image text in transcribed
required information from the following t accounts
image text in transcribed
image text in transcribed
please procide excel formaluas. thank you
Required: 2 Using the T-account BALANCES and the information in the transactions, 3 prepare a classified balance sheet for Lantana Company. 4 Note: If nothing belongs in a cell, leave it blank. Do not include blank cells in calculations. 5 Also, list long-term assets in alphabetical order. 16 LANTANA COMPANY 48 Balance Sheet 49 At December 31, 2016 3D Assets Liabilities and Stockholders' Equity 51 Current Assets Current Liabilities 52 53 54 55 56 Total Current Assets Total Current Liabilities 58 59 Long-term Assets Long-term Liabilities 60 61 62 63 Total Long-term Assets Total Long-term Liabilities 64 Total Liabilities 65 66 Stockholders' Equity 67 68 69 70 71 Retained Earnings Total Stockholders' Equity Total Liabilities 72 71 72 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 73 Total Assets 74 Short-Term Investments =D14 =C14 bal. =SUM(G14:617)-SUM(H14:H17) Supplies 900 d. 13 Cash 14 a. 75,000 10,000 b. 15 5,000 C. 16 10,000 f. 17 500 B 18 bal. =SUM(B14:B17)-SUM(C14:017) 19 20 Note Receivable 21 e. 5,000 22 23 24 bal. =SUM(B21:B23)-SUM(C21:C23) 25 26 Land 27 2015 20,000 =521 -A21 28 29 bal. -SUM(B27:B28)-SUM(C27:C28) 30 31 Accounts Payable 32 =D17 +C17 -G21 =F21 33 34 SUM(C32:C33) SUM(B32:833) bal. bal. =SUM(G21:G23)-SUM(H21:H23) Equipment 2016C16 bal. =SUM(G27:628)-SUM(H27:H28) Note Payable =B27-C15 A27 SUM(H32:33) SUM(G32:G33) bal. A DE F 35 36 37 38 39 Common Stock 750 Additional Pald in Capital =B14-C37 A14 =A14 SUMC37:C38)-SUM(B37:838) bal. SUM(H37:438)-SUM(G37:638) bal. 1 The following transactions occutod for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. 3 4 a. Issued 7,500 shares of stock with a par value $0.10 to three owners (2,500 shares cach) for $75,000 in cash. 5 b. Purchased a short-term investment for $10,000 cash. 6 c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year note for the remainder. 7 d. Bought $900 of supplies on account. 8 e. Sold 1/2 acre of land for $5,000. Accepted a note to receive payment in one year. 9 f. Purchased $10,000 of equipment in cash. 10 g. Paid $500 on account for supplies purchased in transaction (d)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Information Systems

Authors: Mario Piattini

1st Edition

1878289756, 9781878289759

More Books

Students also viewed these Accounting questions