Preparing a classified balance sheet.

Prepare a classified balance sheet from the following accounts.

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 | Account Titles Account Balance Cash $34,500 Supplies 900 Equipment 10,000 Land 20,000 Accounts Payable $400 Notes Payable 15,000 11 Common Stock 50,000 12 9 10 13 Required: Using the account balances above prepare a classified balance sheet for Lantana Company. Note: Use cell references to the listing of accounts to complete columns B and G. Use cell references to the account balances and formulas to complete columns C and H. List long-term assets in alphabetical order. LANATANA COMPANY Balance Sheet At December 31, Year 1 Liabilities and Stockholders' Equity Current Liabilities Assets Current Assets Total Current Assets Total Current Liabilities Long-term Assets Long-term Liabilities Total Long-term Assets Total Long-term Liabilities Total Liabilities Stockholders' Equity Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets