Preparing a Classified Balance Sheet using Excel's SUM Function and Cell Referencing

Lantana Company has opened its company and has recorded its first month of transactions in T-accounts. The Controller has asked you to prepare the companys classified balance sheet at the month end based on those transactions. 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, =B14 was entered, the formula would output the result from cell B14, or 75,000 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 =C14+C15 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 =SUM(C14,C15,C16) was entered, the formula would output the result of adding those three separate cells, or 25,000 in this example. Similarly, if in a blank cell =SUM(C14:C16) 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 25,000 in this example.
• Please Provide Calculations.

x H S ? El S X 1 Preparing a classified balance sheet - Excel FORMULAS DATA REVIEW FILE HOME INSERT PAGE LAYOUT VIEW Sign In fx Function Defined Library Names Formula Auditing Calculate Now Calculation Calculate Sheet Options Calculation G52 X foc =B18 A B F G H 1 J K L 3 DE 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. Issued 7,500 shares of stock with a par value $0.10 to three owners (2,500 shares each) for $75,000 in cash. 5 b. Purchased a short-term investment for $10,000 cash. 6 C. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year note for the remainder. 7 d. Bought $900 of supplies on account. 8 e. Sold 1/2 acre of land for $5,000. Accepted a note to receive payment in one year. 9 f. Purchased $10,000 of equipment in cash. g. Paid $500 on account for supplies purchased in transaction (d). 10 11 12 13 w Cash Short-Term Investments 10,000 14 a. 75,000 15 10,000 b. b. 5,000 c. 10,000 f. 16 17 500 g. 18 bal. 49.500 bal. 10.000 19 20 Notes Receivable Supplies 21 e. 5,000 d. . 900 22 23 w 24 bal. bal. 900 Equipment 5,000 e. f. e 10,000 000 bal. 10.000 5.000 25 26 Land 27 c. 20,000 28 29 bal. 15.000 30 31 Accounts Payable 32 500 33 34 35 36 Common Stock 37 Note Payable 900 d. 15,000 c. 400 bal. 15,000 bal. Additional Paid-in Capital 74,250 750 a. a. 38 39 750 bal. 74.250 bal. 40 #1 Required: 42 Using the T-account BALANCES and the information in the transactions, 43 prepare a classified balance sheet for Lantana Company. 44 Note: If nothing belongs in a cell, leave it blank. Do not include blank cells in calculations. 45 Also, list long-term assets in alphabetical order. 46 47 48 49 50 51 52 LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities $ 49,500 Assets Current Assets Cash Short-Term Investments 53 54 55 56 57 Total Current Assets Total Current Liabilities 58 59 60 61 Long-term Assets Long-term Liabilities Total Long-term Assets Total Long-term Liabilities Total Liabilities Stockholders' Equity 62 63 64 65 66 67 68 69 70 71 72 73 0 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets Sheet1 + READY + 60%