I need help with this please.
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $34,000 and has cash on hand of $12,000 contributed by Lanni’s owners. Lanni takes out a bank loan. It receives $42,000 in cash and signs a note promising to pay back the loan over 3 years.
a-1. Prepare the balance sheet just after it gets the bank loan.
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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 $54,000 to develop its software product.
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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 1,800 shares for $35 per share. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft.
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c-2. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.)
a-1 | ||||
Assets | USD | Liabilities and Shareholder Equity | USD | |
Computer equipment | 34000 | Debt | 42000 | |
Current assets | Shareholders equity | 46000 | ||
Cash | 54000 | |||
Total | 88000 | Total | 88000 | |
a-2 | ||||
Real assets | ||||
Real assets are physical assets that have value due to their substance and properties. Real assets include precious metals, commodities, real estate, agricultural land, machinery and oil | ||||
Real assets | 34000 | |||
total assets | 88000 | |||
Real assets to total assets | 39% | |||
b-1 | Assets | USD | Liabilities and Shareholder Equity | USD |
Software product | 54000 | Debt | 42000 | |
Computers | 34000 | |||
Current assets | Shareholders equity | 46000 | ||
Cash | 0 | |||
Total | 88000 | Total | 88000 | |
b-2 | Real assets | 34000 | ||
total assets | 88000 | |||
Real assets to total assets | 39% |
I need help with this please. Lanni Products is a start-up computer software development firm. It...
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