Excel SIM: Preparing a classified balance sheet. 1. Prepare a classified balance sheet from T accounts. XL Preparing a classified balance sheet - Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 -AA % Paste BIU Alignment Number Cells Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard Font . A1 The following transactions occurred for Lantana Company during its first month H B D E F 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. 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 Supplies Cash 50,000 11 a. 5,000 b. c. 900 XDS- Preparing a classified balance sheet - Excel ? FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 - A A % ED Paste BIU Cells Editing Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font A1 The following transactions occurred for Lantana Company during its first month A B DE F G H 10 Cash 50,000 Supplies 900 c. 11 a. 12 5,000 10,000 500 b. d. 13 e. 14 bal. 34.500 bal. 200 15 16 17 b. Land 20,000 Equipment 10,000 d. 18 20.000 bal. 10.000 19 bal. 20 21 Note Payable Accounts Payable 500 900 c. 15,000 b. 22 e. 23 24 400 bal. 15,000 bal. XDS- Preparing a classified balance sheet - Excel ? FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 AA % ED Paste BIU Cells Editing Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font A1 The following transactions occurred for Lantana Company during its first month B DEF G H 500 900 c. 15,000 b. 22 e. 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 B and G. Use cell references to the 35 T-account balances and formulas to complete columns C and H. List long-term assets in alphabetical order. 36 XDS- Preparing a classified balance sheet - Excel ? FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 AA % ED Paste BIU Cells Editing Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font A1 ... The following transactions occurred for Lantana Company during its first month B DEF G H I 36 37 38 39 LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities 40 Assets 41 Current Assets 42 Total Current Liabilities 43 44 Total Current Assets 45 46 Long-term Assets 47 Long-term Liabilities 48 49 Total Long-term Assets Total Long-term Liabilities Total Liabilities 50 E 1 42 43 Total Current Liabilities 44 Total Current Assets 45 46 Long-term Assets 47 Long-term Liabilities 48 49 Total Long-term Assets Total Long-term Liabilities Total Liabilities 50 51 52 Stockholders' Equity 53 54 0 55 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 56 57 Total Assets 58 59 60 61 Sheet1 READY 100% Attempt(s) Show Me