Question: Svet Help Problem 1-10 (Static) Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000 and has cash on

 Svet Help Problem 1-10 (Static) Lanni Products is a start-up computer

Svet Help Problem 1-10 (Static) 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. Book 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 1,000 shares of Microsoft stock. Lanni sells the shares of stock for $140 per share and uses part of the proceeds to pay off the bank loan Required: a-1. Prepare its balance sheet just after it gets the bank loan. Assets Liabases & Sanhaiders' Equaty Bank loan Cash Computers Total Shareholders equity Total a-2. What is the ratio of real assets to total assets? (Round your answer to 1 decimal place) 13 3. points o Pri References Save & Exit Submit Check my work

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!