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On January 1, Lumia Company's liabilities are $73,000 and its equity is $53,000. On January 3, Lumia purchases and installs solar panel assets costing $23,000. For the panels, Lumia pays $10,500 cash and promises to pay the remaining $12,500 in six months. What is the total of Lumia's assets after the solar panel purchase? Assets Liabilities Equity January 1 Change $ 126,000 = $ 73,000 + $ 53,000 23,000 10,500+ 12,500 January 3 $ 85,500 32,500 $ 53.000

On January 1, Lumia Company's liabilities are $73,000 and its equity is $53,000. On January 3, Lumia purchases and installs solar panel assets costing $23,000. For the panels, Lumia pays $10,500 cash and promises to pay the remaining $12,500 in six months. What is the total of Lumia's assets after the solar panel purchase? Assets Liabilities Equity January 1 Change $ 126,000 = $ 73,000 + $ 53,000 23,000 10,500+ 12,500 January 3 $ 85,500 32,500 $ 53.000

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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On January 1, Lumia Company's liabilities are $73,000 and its equity is $53,000. On January 3, Lumia purchases and installs solar panel assets costing $23,000. For the panels, Lumia pays $10,500 cash and promises to pay the remaining $12,500 in six months. What is the total of Lumia's assets after the solar panel purchase? Assets Liabilities Equity January 1 Change $ 126,000 = $ 73,000 + $ 53,000 23,000 10,500+ 12,500 January 3 $ 85,500 32,500 $ 53.000
Transcribed Image Text:On January 1, Lumia Company's liabilities are $73,000 and its equity is $53,000. On January 3, Lumia purchases and installs solar panel assets costing $23,000. For the panels, Lumia pays $10,500 cash and promises to pay the remaining $12,500 in six months. What is the total of Lumia's assets after the solar panel purchase? Assets Liabilities Equity January 1 Change $ 126,000 = $ 73,000 + $ 53,000 23,000 10,500+ 12,500 January 3 $ 85,500 32,500 $ 53.000
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