Answered: a . On January 1 , Lumia Company's…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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a . On January 1 , Lumia Company's abilities are $ 80,000 and its equity is $ 60,000 on January 3 , Lumia putchases and installs solar panel assets costing $ 30,000 . For the panels , Lumia pays $ 14,000 cash and promises to pay the remaining 516,000 in six months What is the total of Lumia's assets after the solar panel purchase ? b . On March 1 , ABX Company's assets are $ 120,000 and its fiabilities are $ 50,000 . On March 5. ABX is fined $ 25.000 for failing emission standards ABX immediately pays the line in cash . After the tine is paid , what is the amount of equity for ABX ? c . On August 1. Lola Company's assets are $ 50.000 and its abilities are $ 30,000 . On August 4 Lola issues a sustainability report following SASB guidelines Investors react positively to this report on August 5 , a new investor contributes 513.000 cash and 57000 in equipment in exchange for ownership in Lola . After the investment , what is the amount of equity for Lola ?

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