Accounting: The following transactions occurred for Lantana Company during its first month operations and have been recorded in the T-accounts below.
a. Received $50,000 cash from Lantana, the sole proprietor
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.
d. Purchased $10,000 of equipment, paying cash.
e. Paid $500 on account for supplies purchased in transaction c.
Required:
Using the T-Account Balances and the information in the transactions, prepare a classified balance sheet for Lantana company.
Note: Use cell reference to the T-account titles to complete columns B and G. Use cell references to the T-account balances and formulas to complete columns C and H. List Long-term assets in alphabetical order.