Preparing a Classified Balance Sheet using Excel's SUM and Basic Math Functions O 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 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 or $50,000 in this example Basic Moth 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 multipyand/(forward stash to divide) From the Excel Simulation below, if in a blank cell thC12" was entered the formula would add the values from those ces 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 cel"SUMCIC12C13) was entered the formula would output the result of adding those three separate celor 15.500 in this example Similarly, if in a blank cell SUMCHC was entered the formula would output the same result of adding those cells, except they are expressed as a range in the form and the result would be 15.500 in this example The following transactions occurred for Lantana Company during its first month of operations 3. and have been recorded in the T-accounts below. 3 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. c. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash. 8 le. Pald $500 on account for supplies purchased in transaction (c) 6 9 Cash 50,000 Supplies 900 C 10 11 a. 12 13 5.000 10,000 SOO b. d. e 14 bal. 34.500 bal. 900 15 Land 20,000 Equipment 10,000 16 17 b 28 d. 19 bal. 10.000 20.000 bat 20 21 Note Payable Accounts Payable 500 15,000 b. 22 e 900 23 . 4 Styles B15 fo A D E F G H 15 16 17 b. Land 20,000 Equipment 10,000 d. 18 19 bal. 20.000 bal. 10,000 + 20 21 22 e. 23 24 Accounts Payable 500 Note Payable 900 c. 15,000 b. 400 bal. 15,000 bal. Common Stock 50,000 a. 25 26 27 28 29 30 50.000 bal. 31 Required: 32 Using the T-account BALANCES and the information in the transactions, 31 Required: 32 Using the T-account BALANCES and the information in the transactions, 33 prepare a classified balance sheet for Lantana Company 34 Note: Use cell references to the account titles to complete columns 3 and G. Use cell references to the 35 Taccount balances and formulas to complete columns Cand H. Let long term assets in alphabetical order 36 37 LANTANA COMPANY 38 Balance sheet 39 At December 31, 2016 40 Assets Ilabilities and Stockholders Iquity 41 Current Assets Current Liabilities 42 43 44 Total Current Assets Total Current Liabilities 45 46 Long term Assets Long-term Liabilities 47 48 49 Total Long-term Assets Total Long-term Liabilities Total Liabilities 50 Sheet1 AVERAGE 20000 SUM: 100000 100% READY Clipboard Font Styles B15 fx D Assets B 40 41 Current Assets 42 43 E F G H Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities Long-term Liabilities 44 Total Current Assets 45 46 Long-term Assets 47 48 49 Total Long-term Assets 50 Total Long-term Liabilities Total Liabilities 51 52 Stockholders' Equity 53 0 54 55 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 56 57 Total Assets 58 59 Clipboard Font Styles B15 fx D Assets B 40 41 Current Assets 42 43 E F G H Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities Long-term Liabilities 44 Total Current Assets 45 46 Long-term Assets 47 48 49 Total Long-term Assets 50 Total Long-term Liabilities Total Liabilities 51 52 Stockholders' Equity 53 0 54 55 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 56 57 Total Assets 58 59