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1. Prepare a classified balance sheet from T accounts. 5. Preparing a classified balance sheet - Excel FILE HOME INSERT PAGE LAYOUT ? D FORMULAS DATA REVIEW VIEW Calibri 11 A Sign In Paste BIU A % Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Cells Editing Font A1 The following transactions occurred for Lantana Company during its first month A B G H DEF 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. 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). 6 8 9 10 11 12 13 Cash 50,000 a. Supplies 900 c. 5,000 10,000 500 b. d. 14 bal. 34,500 bal. 900 15 16 17 b. 18 Land 20,000 d. Equipment 10.000 20.000 bal. 10,000 19 bal 20 21 22 e. 23 Accounts Payable 500 Note Payable 900 c. 15.000 b. A LEO Sheet1 RFANY Preparing a classified balance sheet - Excel ? FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW X Sign Calibri -11 % W! aste BIU Alignment Number Conditional Format as Cell Cells Formatting Table Styles Editing lipboard Font Styles 41 : fx The following transactions occurred for Lantana Company during its first month A B DEF G H Required: Using the T-account BALANCES and the information in the transactions, 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. - 3 6 38 39 40 41 Current Assets 42 LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Assets 43 44 45 Total Current Assets Total Current Liabilities Long-terfit Liabilities 46 Long-term Assets 47 48 49 Total Long-term Assets 50 51 52 53 54 Sheet1 Total Long-term Liabilities Total Liabilities Stockholders' Equity Retained Earnings 0 + L 100% READY Attempt(s) 5. Preparing a classified balance sheet - Excel ? FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri Paste BIU Editing Clipboard Font A1 % D A Alignment Number Conditional Format as Cell Cells Formatting Table Styles Styles f The following transactions occurred for Lantana Company during its first month DEF G H LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities B 37 38 39 40 Assets 41 Current Assets 42 43 Total Current Assets 45 46 Long-term Assets 47 48 49 Total Long-term Assets 50 Total Current Liabilities Long-term Liabilities Total Long-term Liabilities Total Liabilities S1 Stockholders' Equity 0 52 53 54 55 56 57 Total Assets 58 59 60 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity + Sheet1 100% READY Attempt(s)

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