Lantana Company had the following transactions this month, which resulted in the T-account balances below: a....

 

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Lantana Company had the following transactions this month, which resulted in the T-account balances below: 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. b. Purchased a short-term investment for $10,000 cash. c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year note for the remainder. d. Bought $900 of supplies on account. e. Sold 1/2 acre of land for $5,000. Accepted a note to receive payment in one year. f. Purchased $10,000 of equipment in cash. g. Paid $500 on account for supplies purchased in transaction (d). a. Balance C Balance 8. b. Balance Debit Debit Basic Arithmetic: SUM Function: Debit Debit Cash Debit 75,000 49,500 Land 20,000 15,000 Accounts Payable Short-Term Investments 500 10,000 10,000 Common Stock Credit 10,000 b. 5,000 C 10,000 f. 500 g. Credit 5,000 e. Credit 900 d. 400 Balance Credit Credit 750 a. 750 Balance d. Balance f. Balance e. Balance Debit Debit Debit Debit Supplies Debit 900 900 10,000 10,000 S ssssss 5,000 S 5,000 $ Equipment S S S Note Payable Notes Receivable 7,500 $ 10,000 20,000 $ 900 5,000 10,000 500 Additional Paid-in Capital Credit Credit Credit 15,000 C 15,000 Balance You will need to use the following: Cell References: Never type a number from an Excel sheet elsewhere in the sheet. Instead, type an equals sign and then Credit Credit 74,250 a. 0.10 5,000 74,250 Balance Required: Using the T-account balances (and the information in the transactions, if necessary), prepare a classified balance sheet for Lantana Company. click the cell that includes the number. For example, =B5 would return the number from B5. Use symbols (+*/) to add, subtract, multiply, and divide in Excel. Do not do any calculations by hand. *=SUM(C4, C5,C6)" and "-SUM(C4:06)" will both return the value of C4+C5+06. Include relevant cells in your sums even if they are blank so the balance sheet will automatically update if the T-account balances were to change. 2,500 $ 75,000 Lantana Company had the following transactions this month, which resulted in the T-account balances below: 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. b. Purchased a short-term investment for $10,000 cash. c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year note for the remainder. d. Bought $900 of supplies on account. e. Sold 1/2 acre of land for $5,000. Accepted a note to receive payment in one year. f. Purchased $10,000 of equipment in cash. g. Paid $500 on account for supplies purchased in transaction (d). a. Balance C Balance 8. b. Balance Debit Debit Basic Arithmetic: SUM Function: Debit Debit Cash Debit 75,000 49,500 Land 20,000 15,000 Accounts Payable Short-Term Investments 500 10,000 10,000 Common Stock Credit 10,000 b. 5,000 C 10,000 f. 500 g. Credit 5,000 e. Credit 900 d. 400 Balance Credit Credit 750 a. 750 Balance d. Balance f. Balance e. Balance Debit Debit Debit Debit Supplies Debit 900 900 10,000 10,000 S ssssss 5,000 S 5,000 $ Equipment S S S Note Payable Notes Receivable 7,500 $ 10,000 20,000 $ 900 5,000 10,000 500 Additional Paid-in Capital Credit Credit Credit 15,000 C 15,000 Balance You will need to use the following: Cell References: Never type a number from an Excel sheet elsewhere in the sheet. Instead, type an equals sign and then Credit Credit 74,250 a. 0.10 5,000 74,250 Balance Required: Using the T-account balances (and the information in the transactions, if necessary), prepare a classified balance sheet for Lantana Company. click the cell that includes the number. For example, =B5 would return the number from B5. Use symbols (+*/) to add, subtract, multiply, and divide in Excel. Do not do any calculations by hand. *=SUM(C4, C5,C6)" and "-SUM(C4:06)" will both return the value of C4+C5+06. Include relevant cells in your sums even if they are blank so the balance sheet will automatically update if the T-account balances were to change. 2,500 $ 75,000