this is an excel simulation. all blanks must be filled out in excel formulas and not just the correct answer.

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 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, "-811 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 C1+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 SUMC11 C12,013)" was entered the formule would output the result of adding those three separate cells, or 15,500 in this example. Similarly, if in a blank cell-SUMC11: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. X 10 0 Preparing a confied balance sheet - Excel 7 FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VW Sign in Calibri AA M Paste BIU- 33 A Alignment Number Conditional Formatas Cell Cells Editing Formatting Table Styles Clipboard Font Styles A1 The following transactions occurred for Lantana Company during its first month DEF H The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the Taccounts below. : A B 3 4 Received SS0XX00 cash from owners in exchange for common stock. 3 b. Purchased land for $20,000 paid 55/00 in cash and signed a 2 year note for the remainder, 6 Bought 8900 of supplies on account . - 2 X Paste Saved lation 1 Preparing a gaire balance sneer - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 A % M ED Cells BIU- Alignment Number Conditional Format as Cell Editing Formatting Table Styles Clipboard Font Styles A1 The following transactions occurred for Lantana Company during its first month B DEF G H 1 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. 8 c. Paid $500 on account for supplies purchased in transaction (c). 9 10 Cash Supplies 11 a 50,000 5.000 b. 9001 12 10.000 d. 13 500 14 bal. 34,500 bal. 900 15 16 Land Equipment 17 b. 20,000 10.000 18 19 bal. 20,000 bal. 10.000 20 21 Accounts Payable Note Payable 22 e. 500 900 15,000 b. 23 e. d. c. 74 40 hal 15.000 hal Sheet1 CO SI Saved E - x --- Preparing a cassie valance sheet- Excel DATA REVIEW VIEW Sign In FILE FORMULAS PAGE LAYOUT HOME INSERT -- 86 Calibri - 11 - A A 96 M Cell Paste BIU- Alignment Number Conditional Format Cells Editing Formatting Table Styles Clipboard Font Styles A1 fo The following transactions occurred for Lantana Company during its first month B DEF G H 1 e. Paid $500 on account for supplies purchased in transaction (c) > Cash 50,000 Supplies 900 c. 5,000 10,000 500 b. d. e. 34,500 bal. 900 0 1 a. 2 3 4 bal. 5 16 17 b. 18 19 bal. 20 21 22 e. 23 Land 20,000 Equipment 10,000 d. 20.000 bal 10,000 Accounts Payable 500 Note Payable c . 900 15,000 b. 24 400 bal. 15,000 bal. Common Stock 50.000 a. 25 26 27 28 29 30 01 Dannende 50,000 bal. Sheet1 Tess Excel Simulation Saved Ton 10 1 - Preparing a classmed balance sheet - Exce FILE HOME INSERT FORMULAS PAGE LAYOUT Sign In DATA VIEW REVIEW Calibri - 11 Paste Font > B X - A A 96 M Cells Editing BIU- A. Alignment Number Conditional Format as Cell Formatting Table Styles Clipboard Styles Al 1 The following transactions occurred for Lantana Company during its first month C DEF G 1 H 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 T-account titles to complete columns B and G. Use cell references to the 35 T-account balances and formulas to complete columns Cand H. List long-term assets in alphabetical order. 36 LANTANA COMPANY Balance Sheet At December 31, 2016 Assets Liabilities and Stockholders' Equity 41 Current Assets Current Liabilities 42 43 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 50 Total Liabilities 51 52 Stockholders' Equity 53 54 Retained Earnings Sheet1 37 38 39 40 44 0 Saved en 10 A 1 Prepanng a classified balance sneer- Excel A FILE INSERT REVIEW PAGE LAYOUT FORMULAS VIEW Sign In HOME DATA Calibri - 11 Paste B TU- >> - - Clipboard Font A1 X A A %6 M A Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Styles f The following transactions occurred for Lantana Company during its first month DEF G H I LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities Long-term Liabilities A B 37 38 39 40 Assets 41 Current Assets 42 43 44 Total Current Assets 45 46 Long-term Assets 47 48 49 Total Long-term Assets SO 51 52 53 54 55 56 57 Total Assets 58 59 Total Long-term Liabilities Total Liabilities Stockholders' Equity 0 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 60 Sheet1 SER