Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $20,000 and has cash on hand of $29,000 contributed by Lanni’s owners. Lanni takes out a bank loan. It receives $31,000 in cash and signs a note promising to pay back the loan over 3 years. a. Prepare the balance sheet just after it gets the bank loan. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) ASSETS Liabilities & shareholders' equity CASH: bank loan : computers : shareholder's equity : total: total : ratio b. Prepare the balance sheet after Lanni spends the $60,000 to develop its software product. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) ASSETS Liabilities & shareholders' equity software product: bank loan : computers : shareholder's equity : total: total : ratio c. 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 2,050 shares for $48 per share. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) ASSETS Liabilities & shareholders' equity microsoft shares: bank loan : computers : shareholder's equity : total: total : ratio
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $20,000 and has cash on hand of $29,000 contributed by Lanni’s owners. Lanni takes out a bank loan. It receives $31,000 in cash and signs a note promising to pay back the loan over 3 years.
a. Prepare the balance sheet just after it gets the bank loan. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.)
| ASSETS | Liabilities & shareholders' equity |
| CASH: | bank loan : |
| computers : | shareholder's equity : |
| total: | total : |
| ratio |
b. Prepare the balance sheet after Lanni spends the $60,000 to develop its software product. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.)
| ASSETS | Liabilities & shareholders' equity |
| software product: | bank loan : |
| computers : | shareholder's equity : |
| total: | total : |
| ratio |
c. 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 2,050 shares for $48 per share. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.)
| ASSETS | Liabilities & shareholders' equity |
| microsoft shares: | bank loan : |
| computers : | shareholder's equity : |
| total: | total : |
| ratio |
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