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Lanni Products is a start-up computer software development firm. It currently owns computer equip...

Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000 and has cb-1. Prepare the balance sheet after Lanni spends the $70,000 to develop its software product, with the software valued at coc-2. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) Ratio of real to total assets

Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000 and has cash on hand of $20,000 contributed by Lanni's owners. • Lanni takes out a bank loan. It receives $50,000 in cash and signs a note promising to pay back the loan over three years. • Lanni uses the cash from the bank plus $20,000 of its own funds to finance the development of new financial planning software. • 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 2,000 shares of Microsoft stock. • Lanni sells the shares of stock for $70 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. Assets Cash Computers Liabilities & Shareholders' Equity Bank loan Shareholders' equity Total Total $ a-2. What is the ratio of real assets to total assets? (Round your answer to 1 decimal place.) Ratio of real to total assets 0.3
b-1. Prepare the balance sheet after Lanni spends the $70,000 to develop its software product, with the software valued at cost. Assets Software product Computers Total $ Liabilities & Shareholders' Equity Bank loan Shareholders' equity 0 Total b-2. What is the ratio of real assets to total assets? (Round your answer to 1 decimal place.) Ratio of real to total assets C-1. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft. Assets Microsoft shares Computers Total | $ Liabilities & Shareholders' Equity Bank loan Shareholders' equity 0 Total $ 0
c-2. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) Ratio of real to total assets

Aug 29 2020 Read more Less More

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