Business, 25.09.2020 02:01 7obadiah

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 5,000 shares of Microsoft stock.
• Lanni sells the shares of stock for $25 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 Liabilities & Shareholders' Equity
Cash $ Bank loan $
Computers Shareholders' equity
Total $ Total $
a-2. What is the ratio of real assets to total assets? (Round your answer to 1 decimal place.)
b-1. Prepare the balance sheet after Lanni spends the $70,000 to develop its software product.
Assets Liabilities & Shareholders' Equity
Software product: $ Bank loan: $
Computers: $ Shareholders' equity: $
Total $ Total $
b-2. What is the ratio of real assets to total assets?
c-1. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft.
Assets: Liabilities &Shareholders' Equity:
Microsoft shares: $ Bank loan: $
Computers: Shareholders' equity:
Total $ Total $
c-2. What is the ratio of real assets to total assets? (Round your answer to 1 decimal place.)

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