Answer:
1. T-account balances.
Common stock
$50,000
Land
$20,000
Cash
$34,500
Note Payable
$15,000
Supplies
$900
Trade Payable
$400
Equipment
$10,000
2. A classified balance sheet for Lantana Company
Non - Current Assets
Land $20,000
Equipment $10,000
Total Non - Current Assets $30,000
Current Assets
Supplies $900
Cash $34,500
Total Current Assets $35,400
Total Assets $65,400
Equity and Liabilities
Equity
Common stock $50,000
Total Equity $50,000
Current Liabilities
Trade Payable $400
Total Current Liabilities $400
Non - Current Liabilities
Note Payable $15,000
Total Non - Current Liabilities $15,000
Total Equity and Liabilities $65,400
Explanation:
T-account balances.
Common stock
$50,000
Land
$20,000
Cash
$50,000 - $5,000 - $10,000 - $500 = $34,500
Note Payable
$15,000
Supplies
$900
Trade Payable
$900 - $500 = $400
Equipment
$10,000
The T-accounts and the classified balance sheets are the financial statements or the annual reports of the company that provides information regarding the health and wealth of the firm or the corporate.
The T-account balances and the classified balance sheet have been attached below.
To know more about the T account balances and the classified balance sheet, refer to the link below:
https://brainly.com/question/14695345
