Lisas Yoga Inc., a publicly accountable enterprise, issued 1,000 no par value common shares to a supplier
Question:
Lisa’s Yoga Inc., a publicly accountable enterprise, issued 1,000 no par value common shares to a supplier in full payment for machinery that normally sells for $50,000. Lisa’s Yoga Inc.’s common shares were trading at $51 on the transaction date.
Required:
Prepare the journal entry to record the acquisition of the equipment.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Debit Machinery 50000 ...View the full answer
Answered By
Hande Dereli
Enthusiastic tutor, skilled in ACT and SAT tutoring. Raised one student's score on the SATs from 1100 combined to 1400. Graduated with a 3.9 GPA from Davidson College and led a popular peer tutoring group for three years. Scored in the top 0.06% in the nation on the SATs. The real reason I'm the one to help you nail the test? Results. Clients invariably praise my ability to listen and communicate in a low-stress, fun way. I think it's that great interaction that lets me raise retest SAT scores an average of 300 points.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
In January 2021, Rita Inc. sells 50,000 no par value common shares for $20 each to the investing public on a subscription basis. Terms of the sale require the investors to pay $11 on contract...
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
-
0 The initial substitution of x = a yields the form Simplify the function algebraically, or use a table or 0 graph to determine the limit. When necessary, state "DNE". x + 4x-5 x - 1 Step 1: Factor...
-
The following data on air pollution in 41 U. S. cities are from Biometry (Sokal and Rohlf, 1981). The type of air pollution under study is the annual mean concentration of sulfur dioxide. The values...
-
Amazon (AMZN) began trading in mid-1997. At the end of 1997, AMZN's stock price was around $4. At the end of 2021, AMZN was trading at $3334. What is the annualized rate of return on AMZN stock?
-
A uniform fixed-fixed beam of length \(2 l\) is simply supported at the middle point. Derive the frequency equation for the transverse vibration of the beam.
-
On January 1, 2012, Cornell Corporation had these stockholders equity accounts. Common Stock ($10 par value, 70,000 shares issued and outstanding) ...$700,000 Paid-in Capital in Excess of Par Value...
-
Calculating the E Field 4. In the figure, there are two parallel insulating rings with aligned central axes. The rings have charges 91 and 92 as shown, and both have radius of R. The separation...
-
The controversy over expensing of ESOs can be analyzed as a non- cooperative game. Let the two players be the standard setter and the large, powerful corporations that wish to prevent expensing. Each...
-
Storoshenko Corp. (SC) is a private corporation that elects to report its financial results in accordance with ASPE. SC issued 2,000 no par value common shares to a scientist in exchange for a...
-
When shares are repurchased and cancelled at more than their original issue price, the journal entry to record the retirement potentially includes which of the following components? Account Debit to...
-
Find the value of x. Explain your reasoning. S 2x + 11 W V U 8x-1
-
Brussels Electronics, Inc. has total assets of \($64\) million and total debt of \($45\) million. The company also has operating profits of \($23\) million with interest expenses of \($7\) million....
-
Chipotle disclosed in January 2016 in an 8-K, an SEC filing that publicly traded companies must make when there are material business developments, that it had received a subpoena from the federal...
-
You are watching a race while sitting on a bench. An athlete speeds up from 0 to \(7 \mathrm{~m} / \mathrm{s}\) to the right. Describe his motion from the point of view of another athlete going at...
-
At present, 10-year Treasury bonds are yielding 5 percent, while a 10-year corporate bond is yielding 7 percent. If the liquidity-risk premium on the corporate bond is 0.5 percent, what is the...
-
As you are standing on the platform, a boy in a train moving to the right extends his hand outside the window and releases a ball. In what direction is the ball moving according to (a) you (b) the...
-
How many ways can n books be placed on k distinguishable shelves a) If the books are indistinguishable copies of the same title? b) If no two books are the same, and the positions of the books on the...
-
Explain the circumstances that could result in a long-term bank loan being shown in a statement of financial position as a current liability.
-
McKenzie Ltd. provides for doubtful accounts based on 4% of credit sales. The following data are available for 2012: Credit sales during 2012$3,250,000 Allowance for doubtful accounts Jan. 1,...
-
At the end of its first year of operations, December 31, 2013, Felicity Ltd.s accounts show the following amounts: Accounts receivable............................$789,000 Allowance for doubtful...
-
Pessimist Inc. had credit sales totalling $4,900,000 and $5,100,000 for the years ended December 31, 2009 and 2010, respectively. Information on trade accounts receivable for the company is presented...
-
Assume we are using MergeSort on comparable Students who are compared with respect to their gpa. Assume we have an array of 8 students: [{name:"Ali", gpa:2.9}, {name:"Aye", gpa:3.1}, {name:"Sevil",...
-
Consider a two-input neuron that multiplies its two inputs x1 and x2 to obtain the output 'o'. Let L be the loss function that is computed at 'o'. Suppose that if the values of 044 = 5, x1 = 2, and...
-
The classification problem with four classes of input vector are Class 1: {p = [1], P2 = [2]}, Class 2: {p3 = [21],P4 = []}, Class 3: {ps = [2], P6 = []}, Class 4: {p7 = [1], P = [2]} Design a...
Study smarter with the SolutionInn App