1. Business
  2. Finance
  3. lanni products is a startup computer software development firm it...

Question: lanni products is a startup computer software development firm it...

Question details

Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $25,000 and has cash on hand of $24,000 contributed by Lannis owners. Lanni takes out a bank loan. It receives $36,000 in cash and signs a note promising to pay back the loan over 3 years. a-1. Prepare the balance sheet just after it gets the bank loan. Assets Liabilities &Shareholders Equity Cash $ 60,000 Bank loan 25,000 Shareholders equity $ 85,000Total $ 36,000 49,000 $ 38,000 Computers Total a-2. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) Ratio of real assets to total assets 0.29 b-1. Prepare the balance sheet after Lanni spends the $60,000 to develop its software product Assets Liabilities &Shareholders Equity 36,000 49,000 S 38,000 Software product Computers 60,000 Bank loan 25,000 Shareholders equity Total $ 85,000 Totalb-2. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) Ratio of real assets to total assets 1.00 c-1. Lanni sells the software product to Microsoft, which will market it to the public under the Microsoft name. Lanni accepts payment in the form of 1,750 shares for $74 per share. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft Assets Liabilities & Shareholders Equity Bank loan Shareholders equity Microsoft shares Computers Total Total C-2. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) Ratio of real assets to total assets

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution