Answered: nth ended Octo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Statement of stockholders’ equity

Noric Cruises Inc. began the month of October with the following balances: Common Stock, $150,000; Additional Paid-In Capital, $3,225,000; and Retained Earnings, $12,400,000. During June, Noric issued for cash 50,000 shares of common stock (with a stated value of $1) at $16 per share. Noric reported the following results for the month ended October 31:

Net income	$2,350,000
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 1	$fill in the blank 2	$fill in the blank 3	$fill in the blank 4	$fill in the blank 5
Issued Common Stock	fill in the blank 7	fill in the blank 8	fill in the blank 9	fill in the blank 10
Net Income	fill in the blank 12	fill in the blank 13	fill in the blank 14	fill in the blank 15
Dividends	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20
Balances, October 31

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