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B16 fox Land H AA B DEF G 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 e. Paid $500 on account for supplies purchased in transaction (c) 9 10 Cash Supplies 11 a. 50,000 5,000 b. 900 12 10,000 d. 13 500 34,500 bal. 900 15 16 Land Equipment 17 b. 20,000 d. 10,000 18 C. e. 14 bal. 19 bal. 20.000 bal. 10.000 20 21 Accounts Pavable Note Pavable Prev 1 of 4 Next > Workbook Views Show Zoom Macros B16 fx Land 1 A B 19 bal. 22 e. c DEF G H 16 Land Equipment 17 b. 20,000 d. 10,000 18 20,000 bal. 10.000 20 21 Accounts Payable Note Payable 500 900 C. 15,000 b. 23 24 400 bal. 15,000 bal. 25 26 Common Stock 27 50,000 a 28 29 50.000 bal. 30 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 Band G. Use cell references to the 35 Tunnunt hnienres and formulae tn romnlato calumner And H liet lans.torm necate in ninhnhatial order a. w Navt H DEF At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities 9 10 Assets 1 Current Assets 2 43 44 Total Current Assets 45 46 Long-term Assets 47 Total Current Liabilities Long-term Liabilities 48 Total Long-term Liabilities Total Liabilities Stockholders' Equity 49 Total Long-term Assets 50 51 52 53 54 55 56 57 Total Assets 58 0 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity

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