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answer this please Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $32,500 and has cash on hand of
answer this please
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $32,500 and has cash on hand of $15,000 contributed by Lanni's owners. Lanni takes out a bank loan. It receives $45,000 in cash and signs a note promising to pay back the loan over 3 years. a-1. Prepare the balance sheet just after it gets the bank loan. (Omit the "$" sign in your response.) Assets Cash Computer $ Bank loan Shareholders' equity Total $ Liabilities & Shareholders' equity $ Total s $ a-2. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) Ratio of real to total assets b-1. Prepare the balance sheet after Lanni spends the $60,000 to develop its software product. (Omit the "$" sign in your response.) Liabilities & Shareholders' equity Assets Software product * $ * Valued at cost $ Shareholders' equity Computers Total Bank loan $ Total $ b-2. What is the ratio of real assets to total assets? Ratio of real to total assets 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 1,800 shares for $70 per share. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft. (Omit the "$" sign in your response.) Liabilities & Shareholders' equity Assets Microsoft shares $ $ Shareholders ' equity Computers Total Bank loan $ Total $ c-2. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) Ratio of real to total assetsStep by Step Solution
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