Homework Help is Here – Start Your Trial Now!
Business
Accounting
Avatar Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Dr Cr 6/30/2021 Stock Dividends 154000 Common stock, $10 par, 55,000 outstanding Paid-in capital in excess of par 550000 Common Stock Dividends Distrutable 110000 140000 Paid-in Capital in Excess of Par-Common Stock 44000 Total Paid-in Capital 690000 Retained Earnings 150000 7/15/2021 No Entry Total Stockholder's Equity 840000 NoEntry n June 30, 2021, the board of directors of Avatar Corporation declared a 20% stock 7/31/2021 Common Stock Dividends Distributable 110000 dividend, payable on July 31, 2021, to stockholders of record on July 15, 2021. The fair Common Stock 110000 value of Avatar Corporation's stock on June 30, 2021, was $14. 12/1/2021 On December 1, 2021, the board of directors declared a 2 for 1 stock split effective December 15, 2021. Avatar Corporation's stock was selling for $20 on December 1, 2021, before the stock split was declared. Par value of the stock was adjusted. Net income for

Avatar Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Dr Cr 6/30/2021 Stock Dividends 154000 Common stock, $10 par, 55,000 outstanding Paid-in capital in excess of par 550000 Common Stock Dividends Distrutable 110000 140000 Paid-in Capital in Excess of Par-Common Stock 44000 Total Paid-in Capital 690000 Retained Earnings 150000 7/15/2021 No Entry Total Stockholder's Equity 840000 NoEntry n June 30, 2021, the board of directors of Avatar Corporation declared a 20% stock 7/31/2021 Common Stock Dividends Distributable 110000 dividend, payable on July 31, 2021, to stockholders of record on July 15, 2021. The fair Common Stock 110000 value of Avatar Corporation's stock on June 30, 2021, was $14. 12/1/2021 On December 1, 2021, the board of directors declared a 2 for 1 stock split effective December 15, 2021. Avatar Corporation's stock was selling for $20 on December 1, 2021, before the stock split was declared. Par value of the stock was adjusted. Net income for

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Avatar Corp Journal entries.  What is the correct titles and how does the $180000 net income get journaled?

See attached image.  I keep striking out with my entries

Avatar Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Dr Cr Paid-in capital 6/30/2021 Stock Dividends 154000 Common stock, $10 par, 55,000 outstanding 550000 Common Stock Dividends Distrutable 110000 Paid-in capital in excess of par 140000 Paid-in Capital in Excess of Par-Common Stock 44000 Total Paid-in Capital 690000 Retained Earnings 150000 7/15/2021 No Entry Total Stockholder's Equity 840000 NoEntry n June 30, 2021, the board of directors of Avatar Corporation declared a 20% stock 7/31/2021 Common Stock Dividends Distributable 110000 dividend, payable on July 31, 2021, to stockholders of record on July 15, 2021. The fair Common Stock 110000 value of Avatar Corporation's stock on June 30, 2021, was $14. 12/1/2021 On December 1, 2021, the board of directors declared a 2 for 1 stock split effective December 15, 2021. Avatar Corporation's stock was selling for $20 on December 1, 2021, before the stock split was declared. Par value of the stock was adjusted. Net income for 2021 was $180,000 and there were no cash dividends declared. 12/15/2021
Transcribed Image Text:Avatar Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Dr Cr Paid-in capital 6/30/2021 Stock Dividends 154000 Common stock, $10 par, 55,000 outstanding 550000 Common Stock Dividends Distrutable 110000 Paid-in capital in excess of par 140000 Paid-in Capital in Excess of Par-Common Stock 44000 Total Paid-in Capital 690000 Retained Earnings 150000 7/15/2021 No Entry Total Stockholder's Equity 840000 NoEntry n June 30, 2021, the board of directors of Avatar Corporation declared a 20% stock 7/31/2021 Common Stock Dividends Distributable 110000 dividend, payable on July 31, 2021, to stockholders of record on July 15, 2021. The fair Common Stock 110000 value of Avatar Corporation's stock on June 30, 2021, was $14. 12/1/2021 On December 1, 2021, the board of directors declared a 2 for 1 stock split effective December 15, 2021. Avatar Corporation's stock was selling for $20 on December 1, 2021, before the stock split was declared. Par value of the stock was adjusted. Net income for 2021 was $180,000 and there were no cash dividends declared. 12/15/2021
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Personal Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS