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Answer the following questions. Hint: Use the accounting equation. a. On January 1, Lumia Company's liabilities are $65,000 and its equity is $45,000. On January 3, Lumia purchases and installs solar panel assets costing $15,000. For the panels, Lumia pays $6,500 cash and promises to pay the remaining $8,500 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 $105,000 and its liabilities are $35,000. On March 5, ABX is fined $17,500 for failing emission standards. ABX immediately pays the fine in cash. After the fine is paid, what is the amount of equity for ABX? c. On August 1, Lola Company's assets are $35,000 and its liabilities are $15,000. On August 4, Lola issues a sustainability report. On August 5, ownership invests $5,500 cash and $9,500 of equipment in Lola. After the investment, what is the amount of equity for Lola? Complete this question by entering your answers in the tabs below. Required A Required B Required C On January 1, Lumia Company's liabilities are $65,000 and its equity is $45,000. On January 3, Lumia purchases and installs solar panel assets costing $15,000. For the panels, Lumia pays $6,500 cash and promises to pay the remaining $8,500 in six months. What is the total of Lumia's assets after the solar panel purchase? Assets Liabilities Equity January 1 Change January 3 $ 110,000 = $ 65,000 +$ 45,000 = + + < Required A Required B >

Answer the following questions. Hint: Use the accounting equation. a. On January 1, Lumia Company's liabilities are $65,000 and its equity is $45,000. On January 3, Lumia purchases and installs solar panel assets costing $15,000. For the panels, Lumia pays $6,500 cash and promises to pay the remaining $8,500 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 $105,000 and its liabilities are $35,000. On March 5, ABX is fined $17,500 for failing emission standards. ABX immediately pays the fine in cash. After the fine is paid, what is the amount of equity for ABX? c. On August 1, Lola Company's assets are $35,000 and its liabilities are $15,000. On August 4, Lola issues a sustainability report. On August 5, ownership invests $5,500 cash and $9,500 of equipment in Lola. After the investment, what is the amount of equity for Lola? Complete this question by entering your answers in the tabs below. Required A Required B Required C On January 1, Lumia Company's liabilities are $65,000 and its equity is $45,000. On January 3, Lumia purchases and installs solar panel assets costing $15,000. For the panels, Lumia pays $6,500 cash and promises to pay the remaining $8,500 in six months. What is the total of Lumia's assets after the solar panel purchase? Assets Liabilities Equity January 1 Change January 3 $ 110,000 = $ 65,000 +$ 45,000 = + + < Required A Required B >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Answer the following questions. Hint: Use the accounting equation. a. On January 1, Lumia Company's liabilities are $65,000 and its equity is $45,000. On January 3, Lumia purchases and installs solar panel assets costing $15,000. For the panels, Lumia pays $6,500 cash and promises to pay the remaining $8,500 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 $105,000 and its liabilities are $35,000. On March 5, ABX is fined $17,500 for failing emission standards. ABX immediately pays the fine in cash. After the fine is paid, what is the amount of equity for ABX? c. On August 1, Lola Company's assets are $35,000 and its liabilities are $15,000. On August 4, Lola issues a sustainability report. On August 5, ownership invests $5,500 cash and $9,500 of equipment in Lola. After the investment, what is the amount of equity for Lola? Complete this question by entering your answers in the tabs below. Required A Required B Required C On January 1, Lumia Company's liabilities are $65,000 and its equity is $45,000. On January 3, Lumia purchases and installs solar panel assets costing $15,000. For the panels, Lumia pays $6,500 cash and promises to pay the remaining $8,500 in six months. What is the total of Lumia's assets after the solar panel purchase? Assets Liabilities Equity January 1 Change January 3 $ 110,000 = $ 65,000 +$ 45,000 = + + < Required A Required B >
Transcribed Image Text:Answer the following questions. Hint: Use the accounting equation. a. On January 1, Lumia Company's liabilities are $65,000 and its equity is $45,000. On January 3, Lumia purchases and installs solar panel assets costing $15,000. For the panels, Lumia pays $6,500 cash and promises to pay the remaining $8,500 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 $105,000 and its liabilities are $35,000. On March 5, ABX is fined $17,500 for failing emission standards. ABX immediately pays the fine in cash. After the fine is paid, what is the amount of equity for ABX? c. On August 1, Lola Company's assets are $35,000 and its liabilities are $15,000. On August 4, Lola issues a sustainability report. On August 5, ownership invests $5,500 cash and $9,500 of equipment in Lola. After the investment, what is the amount of equity for Lola? Complete this question by entering your answers in the tabs below. Required A Required B Required C On January 1, Lumia Company's liabilities are $65,000 and its equity is $45,000. On January 3, Lumia purchases and installs solar panel assets costing $15,000. For the panels, Lumia pays $6,500 cash and promises to pay the remaining $8,500 in six months. What is the total of Lumia's assets after the solar panel purchase? Assets Liabilities Equity January 1 Change January 3 $ 110,000 = $ 65,000 +$ 45,000 = + + < Required A Required B >
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