Question

Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth 30,000 and has cash on hand of20,000 contributed by Lanni's owners. What is the total value of assets owned by Lanni Products?

1) $10,000
2) $20,000
3) $30,000
4) $50,000

Answer 1

To determine the total assets of Lanni Products, you add the value of the computer equipment ($30,000) and the cash on hand ($20,000) to get a total of $50,000.

Step-by-step explanation:

The total value of assets owned by Lanni Products is the sum of the value of the computer equipment and the cash on hand. The computer equipment is worth $30,000, and the cash on hand is $20,000. To find the total assets, simply add these two values together.

$30,000 (computer equipment) + $20,000 (cash on hand) = $50,000

Therefore, the total value of assets owned by Lanni Products is $50,000.