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Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $55,000 and has cash on hand of $35,000 contributed by
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $55,000 and has cash on hand of $35,000 contributed by Lanni's owners. - Lanni takes out a bank loan. It recelves $80,000 In cash and signs a note promising to pay back the loan over three years. - Lannl uses the cash from the bank plus $35,000 of Its own funds to finance the development of new financlal planning software. - Lannl sells the software product to Microsoft, which will market it to the public under the Microsoft name. Lannl accepts payment In the form of 10,000 shares of Microsoft stock. - Lannl sells the shares of stock for $16 per share and uses part of the proceeds to pay off the bank loan. a-1. Prepare Its balance sheet just after it gets the bank loan. a-2. What is the ratio of real assets to total assets? (Round your answer to 2 declmal place.) o-1. Prepare the balance sheet after Lannl spends the $115,000 to develop its software product. b-2. What is the ratlo of real assets to total assets? E-1. Prepare the balance sheet after Lannl accepts the payment of shares from Microsoft. E-2. What is the ratlo of real assets to total assets? (Round your answer to 2 decimal place.)
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