1 answer

Lantana Company has provided you with the transactions that occurred during its first month of operations....

Question:

Lantana Company has provided you with the transactions that occurred during its first month of operations. The Controller has
1 8 a. ته B с DEF 1 The following transactions occurred for Lantana Company during its first month of operations 2 and have b
B с D E F G H Accounts Payable 500 Note Payable 900 C. 15,000 b. 400 bal. 15.000 bal. Common Stock 50,000 a. 50.000 bal. uire
38 39 40 41 Current Assets 42 Assets Liabilities and Stockholders Equity Current Liabilities 43 Total Current Liabilities 44
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
1 8 a. ته B с 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, 6 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). 9 10 Cash Supplies 11 50,000 5,000 b. 900 12 10,000 d. 13 500 34 bal. 15 16 Land Equipment 17 b. 20,000 d. 10,000 18 20,000 bal 10,0,00 20 21 Accounts Payable Note Payable 22 e. 500 900 c. 23 e. 14 bal. 9.00 19 bal. 15,000 b. NA Sheet1 + 100 READY Attempt(s)
B с D E F G H Accounts Payable 500 Note Payable 900 C. 15,000 b. 400 bal. 15.000 bal. Common Stock 50,000 a. 50.000 bal. uired:
38 39 40 41 Current Assets 42 Assets Liabilities and Stockholders' Equity Current Liabilities 43 Total Current Liabilities 44 Total Current Assets 45 46 Long-term Assets 47 Long-term Liabilities 48 49 50 Total Long-term Assets Total Long-term Liabilities Total Liabilities Stockholders' Equity 0 51 52 53 54 55 56 57 Total Assets 58 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity

Answers

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
.

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