Relationships among Financial Statements Marta Communications, Inc. has provided incomplete financial statements for the month ended March 31.The Controller has asked you to help calculate the missing amounts in the incomplete financial statements. Here are some tips for using Excel Cell Reference: Allows you to refer to data from another cell in the worksheet. If you entered "=35" into a blank cell, the formula would output the value from cell B5. Basic Math Functions: Allow 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 stash to divide). For example, if you entered --B4+B5" in a blank cell, the formula would add the values from those cells and output the result SUM Function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges. If you entered "SUM(C4,C5,C6)" into a blank cell , the formula would output the result of adding those three separate cells. Similarly, if you entered "SUM(C4:C6)", the formula would output the same result of adding those cells. 1. Use the Open Excel in New Tab button to launch this question 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect B DEF G H 1 1 2 The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the 3 T-accounts below. 4 7 5 a. Received $50,000 cash from Lantana, the sole proprietor. 6 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. 8 d. Purchased $10,000 of equipment, paying cash. 9 e Paid $500 on account for supplies purchased in transaction (c). Cash 50,000 Supplies 900 C. 5,000 b. 10,000 d. 500 e. 10 11 12 a. 13 14 15 bal. 16 17 18 b 19 34.500 bal. 900 Land Equipment 10,000 20,000 d. 20.000 bal. 10.000 Accounts Payable 500 Note Payable 900 C 15,000 b. 20 bal. 21 22 23 e. 24 25 26 27 28 29 30 400 bal. 15.000 bal. Lantana, Capital 50,000 a. 50.000 bal. B c H 40 DEF G 32 Required: 33 Using the T-account BALANCES and the information in the transactions, prepare a classified balance sheet for Lantana Company. 34 Note: Use cell references to the T-account titles to complete columns B and G. Use cell references to the T-account balances and 35 formulas to complete columns Cand H. 36 37 LANATANA COMPANY 38 Balance Sheet 39 At December 31 Assets Liabilities and Equity 41 Current Assets Current Liabilities 42 43 44 Total Current Assets Total Current Liabilities 45 Long-term Assets Long-term Liabilities 46 47 48 Total Long-term Assets Total Long-term Liabilities Total Liabilities 50 Owners' Equity 51 52 53 Total Owners' Equity 54 Total Assets Total Liabilities and Equity 55 49
