Preparing a Classified Balance Sheet using Excel's SUM Function and Cell Referencing Lantana Company has opened its company and has recorded its first month of transactions in T-accounts. The Controller has asked you to prepare the company's classified balance sheet at the month end based on those transactions. 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, "=B14" was entered, the formula would output the result from cell B14, or 75,000 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 "-C14+C15" 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(C14,C15,C16)" was entered, the formula would output the result of adding those three separate cells, or 25,000 in this example. Similarly, if in a blank cell "=SUM(C14:C16)" 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 25,000 in this example. Preparing a classified balance sheet - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Ruler Formula Bar 100 Normal Page Break Page Custom Gridlines Headings Preview Layout Views Zoom 100% Zoom to Window Macros Selection Workbook Views Show Zoom Macros All fx A B DEF G H I JK L 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. Issued 7,500 shares of stock with a par value $0.10 to three owners (2,500 shares each) 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. Sign In