Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Statement of stockholders equity Noric Cruises Inc. began the month of October with the following balances: Common Stock, $120,000; Additional Paid-In Capital, $3,300,000; and Retained

Statement of stockholders equity

Noric Cruises Inc. began the month of October with the following balances: Common Stock, $120,000; Additional Paid-In Capital, $3,300,000; and Retained Earnings, $12,300,000. During June, Noric issued for cash 30,000 shares of common stock (with a stated value of $1) at $18 per share. Noric reported the following results for the month ended October 31:

Net income $2,250,000
Cash dividends declared 475,000

Prepare a statement of stockholders equity for the month ended October 31. If there is a net loss or there has been a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank.

Noric Cruises Inc. Statement of Stockholders' Equity For the Month Ended October 31
Common Stock Additional Paid-In Capital Retained Earnings Total

Balances, October 1Balances, October 31CashNet IncomeBalances, October 1

$Balances, October 1 $Balances, October 1 $Balances, October 1 Balances, October 1

Balances, October 1Balances, October 31CashIssued Common StockIssued Common Stock

Issued Common Stock Issued Common Stock Issued Common Stock Issued Common Stock

Balances, October 1Balances, October 31CashNet IncomeNet Income

Net Income Net Income Net Income Net Income

Balances, October 1Balances, October 31CashDividendsDividends

Dividends Dividends Dividends Dividends

Balances, October 1Balances, October 31DividendsNet IncomeBalances, October 31

$Balances, October 31 Balances, October 31 Balances, October 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting An Introduction To Financial Accounting

Authors: Alan Sangster, Lewis Gordon, Frank Wood

15th Edition

1292365439, 9781292365435

More Books

Students also viewed these Accounting questions

Question

Is there any evidence that contradicts this statement?

Answered: 1 week ago

Question

1.4 Identify tools to help makeevidence-based HRM decisions.

Answered: 1 week ago