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 $50,000 in cash and signs a note promising to pay back the loan over 3 years. a-1. Prepare the balance sheet just after it gets the bank loan. (Omit the "$" sign in your response.)
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 2 decimal places.)
Ratio of real assets to total assets
b-1. Prepare the balance sheet after Lanni spends the $70,000 to develop its software product. (Omit the "$" sign in your response.)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?Ratio of real assets to total assets 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 1,500 shares for $80 per share. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft. (Omit the "$" sign in your response.)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 2 decimal places.)
Ratio of real assets to total assets

A-2 Ratio of real Assets to Total Assets = 0.3

B-2 Ratio of real Assets to Total Assets= 1

C-2 Ratio of real Assets to Total Assets= 0.2

The company has low ratio at the start , increases to full when producing and then again decreases.

Explanation:

The balance sheet after Lanni accepts the Bank Loan. The cash increases and so does the liability increases.

Lanni Products

Balance Sheet

Assets                                                Liabilities & Shareholders' Equity

Cash $ 70,000                                      Bank loan $ 50,000

Computers $30,000                             Shareholders' equity 50,000

Total $      100,000                                                           Total $ 100,000

A-2 Ratio of real Assets to Total Assets

Real Assets = $ 30,000

Total Assets = $ 100,000

Ratio = 30,000/100,000 = 0.3

B-1

Lanni Products

Balance Sheet

Assets                                                Liabilities & Shareholders' Equity

Software $ 70,000                                      Bank loan $ 50,000

Computers $30,000                             Shareholders' equity 50,000

Total $      100,000                                                           Total $ 100,000

The software costs $ 70,000. The Balance sheet is as given above and the cash will be replaced by the software.

B-2  Ratio of real Assets to Total Assets

Real Assets = $ 100,000

Total Assets = $ 100,000

Ratio = 100,000/100,000 = 1.0

C-1 The share given are calculated ( 1500 *80= $ 120,000) . And after it accepts the payment the share holder's equity increases and the assets as well.

Lanni Products

Balance Sheet

Assets                                                Liabilities & Shareholders' Equity

Shares  $ 120,000                                      Bank loan $ 50,000

( 1500 *80)

Computers $30,000                             Shareholders' equity 100,000

Total $      150,000                                                           Total $ 150,000

C-2 Ratio of real Assets to Total Assets

Real Assets = $ 30,000

Total Assets = $ 150,000

Ratio = 30,000/150,000 = 0.2

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