Question

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 cellC11+C12" 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(C11,C12.C13)" was entered, the formula would output the result of adding those three separate cells, or 15,500 in this example.

Answer 1

Answer:

To make a balance sheet in Excel from T-accounts data follow the below steps.

Explanation:

To make a balance sheet in Excel from T-accounts data follow the below steps.

Add current assets by giving link to the T-accounts data for example click on the cell where Current assets amount is to be added as "Cash" write = in the cell and click on the amount of cash balance available at the T-accounts.

Apply same to all accounts.

Current assets will include cash and supplies, Current liabilities will include notes payable and accounts payable and non-current assets will include land and equipment and common stocks will be added in equity.

Total current assets total will be calculated by writing "=SUM" then select the cells that needs to added together and press enter.

Apply same to all head accounts.