Reference no: EM133372460
Case Study: Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $34,500 and has cash on hand of $11,000 contributed by Lanni's owners. Lanni takes out a bank loan. It receives $41,000 in cash and signs a note promising to pay back the loan over 3 years.
Questions:
a-1. Prepare the 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 decimal places.)
b-1. Prepare the balance sheet after Lanni spends the $52,000 to develop its software product.
b-2. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.)
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 1,000 shares for $76 per share. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft.
c-2. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.)
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