n January 1, Lumia Company's liabilities are $66,000 and its equity is $46,000. On January 3, Lumia purchases and installs solar panel assets osting $16,000. For the panels, Lumia pays $7,000 cash and promises to pay the remaining $9,000 in six months. What is the total of Lumia's ssets after the solar panel purchase? Assets Liabilities Equity 66,000 nuary 1 ange nuary 3 112,000 = $ 46,000 16,000 = 9,000 + 7,000 128,000 = $ 75,000 + 53,000

n January 1, Lumia Company's liabilities are $66,000 and its equity is $46,000. On January 3, Lumia purchases and installs solar panel assets osting $16,000. For the panels, Lumia pays $7,000 cash and promises to pay the remaining $9,000 in six months. What is the total of Lumia's ssets after the solar panel purchase? Assets Liabilities Equity 66,000 nuary 1 ange nuary 3 112,000 = $ 46,000 16,000 = 9,000 + 7,000 128,000 = $ 75,000 + 53,000

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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Question

My assets and equity column are incorrect, I'm not sure why

On January 1, Lumia Company's liabilities are $66,000 and its equity is $46,000. On January 3, Lumia purchases and installs solar panel assets
costing $16,000. For the panels, Lumia pays $7,000 cash and promises to pay the remaining $9,000 in six months. What is the total of Lumia's
assets after the solar panel purchase?
Assets
Liabilities
Equity
January 1
24
112,000 = $
66,000 + $
46,000
Change
16,000
9,000 +
7,000
January 3
$
128,000
$
75,000 +
53,000
%24

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