Preparing a Classified Balance Sheet using Excel's SUM and Basic Math Functions Lantana Company has provided you with the transactions that occurred during its first month of operations. The Controller has alread 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"-C11+C12" 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. e. Paid $500 on account for supplies purchased in transaction (c). 8 9 10 11 a. Cash 50,000 Supplies 12 5,000 b. C. 10,000 d. 900 13. 500 e. 15 4557 16 14 bal. 34.500 bal. 900 Equipment d. 10,000 Land 17 b. 18 20,000 19 bal. 20.000 20 21 Accounts Payable 22 e. 500 900 C. 23 4 READY Attempt(s) Sheet1 bal. 10,000 Note Payable 15,000 b. 100% Flot B A bal. D D e. Required: B fx The following transactions occurred for Lantana Company during its first month 20,000 Accounts Payable 500 C DEF bal. G H 10,000 Note Payable 900 C. 15,000 b. 400 bal. Common Stock 50,000 a. 50,000 bal. 15,000 bal. 2 Using the T-account BALANCES and the information in the transactions, 3 prepare a classified balance sheet for Lantana Company. 4 Note: Use cell references to the T-account titles to complete columns B and G. Use cell references to the 5 T-account balances and formulas to complete columns C and H. List long-term assets in alphabetical order. 36 37 38 39 40 41 Current Assets Assets LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities 42 READY Attempt(s) Sheet1 100% Current Assets Total Current Assets Long-term Assets Assets LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities Long-term Liabilities , 1 2 3 4 55 56 Total Long-term Assets 57 Total Assets 58 59 Total Long-term Liabilities Total Liabilities Stockholders' Equity Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 0