Question

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-B11" 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-C11C12" 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 C13)" was entered the formula would output the result of adding those three separate cells, or 15,500 in this example. Similarly, if in a blank cell -SUM(C11C13)" 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

Answer 1

Balance sheet

As at December,31,2016

Assets	Amount ($)	Liabilties & Stockholder's equity	Amount ($)
Current Assets		Current Liabilty
Cash	34500	Account Payable	400
Supplies	900
Total Current Assets	35400	Total Current Liabilty	400
Long Term Assets		Long Term Liabilties
Equipment	10000	Notes Payable	15000
LAnd	20000	Total Long Term Liabilties	15000
Total Long Term Assets	30000	Total Liabilties	15400
		Stock holder's equity
		Common Stock	50000
		Retained earning	0
		Total Stockholder's equity	50000
Total Assets	65400	Total Liabilties & Stockholder's equity	65400