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, $ 1 6 0 , 0 0

Statement of stockholders' equity
Noric Cruises Inc. began the month of October with the following balances: Common Stock, $160,000; Additional Paid-In Capital, $3,200,000; and Retained Earnings, $13,000,000. During October, Noric issued for cash 40,000 shares of common stock (with a stated value of $1) at $12 per share. Noric reported the following results for the month ended October 31 :
Net income $2,300,000
Cash dividends declared
500,000
Prepare a statement of stockholders' equity for the month ended October 31. If there is a net loss or there has been a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank.
Noric Cruises Inc.
Statement of Stockholders' Equity
For the Month Ended October 31
\table[[Line Item Description,\table[[Common],[Stock]],\table[[Additiona],[Paid-In],[Capital]],\table[[Retained],[Earnings]],Total],[,$,$,$,],[grad,,,,],[???,,,,],[,$,,,]]
image text in transcribed

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

Financial Accounting An Introduction

Authors: Jacqui Kew, Alex Watson

4th Edition

0199046484, 978-0199046485

More Books

Students also viewed these Accounting questions