Answer the following questions. Hint: Use the accounting equation. a. On January 1, Lumia Company's liabilities are $61,000 and its equity is $41,000. On January 3, Lumia purchases and installs solar panel assets costing $11,000. For the panels, Lumia pays $4,500 cash and promises to pay the remaining $6,500 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 $101,000 and its liabilities are $31.000. On March 5, ABX is fined $15,500 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 $31,000 and its liabilities are $11,000. On August 4, Lola issues a sustainability report. On August 5, ownership invests $3,500 cash and $7,500 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.

Answer the following questions. Hint: Use the accounting equation. a. On January 1, Lumia Company's liabilities are $61,000 and its equity is $41,000. On January 3, Lumia purchases and installs solar panel assets costing $11,000. For the panels, Lumia pays $4,500 cash and promises to pay the remaining $6,500 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 $101,000 and its liabilities are $31.000. On March 5, ABX is fined $15,500 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 $31,000 and its liabilities are $11,000. On August 4, Lola issues a sustainability report. On August 5, ownership invests $3,500 cash and $7,500 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.

Name: Answer the following questions. Hint: Use the accounting equation.a.
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Description: Answer the following questions. Hint: Use the accounting equation.a. On January 1, Lumia Company's liabilities are $61,000 and its equity is $41,000. On January 3, Lumia purchases and installs solarpanel assets costing $11,000. For the panels, Lumia

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

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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? answer is 118,500
The accounting cycle for Project Paris Limited is from July 1 to June 30. On January 1 2021 Project Paris Limited rented out its old warehouse to Lost and Lost Limited by signing a 12-month agreement worth $2,000,000. The rentee paid the rentor for 12-months agreement in cash. At the start of October 2020, the company signed an agreement to purchase a new factory for $30,000,000. The company paid 80% in cash and the remainder by taking out a 10-year loan. Annual interest expense on the loan is $500,000. Interest will be paid in cash on July 31 each year of the loan period. Annual depreciation on the new factory is $600,000. At the end of the accounting cycle the CFO of Project Paris Limited estimated that the new factory would have increased electricity and water usage from last year by 30%. Utility expenses (that comprised electricity and water) totaled $1,500,000 for the last full year. Required: At the end of the accounting cycle (June 30, 2021) Project Paris Limited would have made…
a. On January 1, Lumia Company's liabilities are $67,000 and its equity is $47,000. On January 3, Lumia purchases and installs solar panel assets costing $17,000. For the panels, Lumia pays $7,500 cash and promises to pay the remaining $9,500 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 $107,000 and its liabilities are $37,000. On March 5, ABX is fined $18,500 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 $37,000 and its liabilities are $17,000. On August 4, Lola issues a sustainability report following SASB guidelines. Investors react positively to this report. On August 5, a new investor contributes $6,500 cash and $10,500 in equipment in exchange for ownership in Lola. After the investment, what is the amount of equity for Lola? Complete this question by entering your answers in…
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