gageNOWv2 | Online teach xb Answered: Wonder Sales is aut xcakeAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator=&inprogress=falseUpdateеВookShow Me HowPrint ItemStatement of stockholders' equityNoric Cruises Inc. began the month of October with the following balances: Common Stock, $120,000; Additional Paid-In Capital, $3,125,000; and Retained Earnings,$13,000,000. During June, Noric issued for cash 50,000 shares of common stock (with a stated value of $1) at $17 per share. Noric reported the following results for themonth ended October 31:Net income$2,400,000Cash dividends declared485,000Prepare 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 amountas 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' EquityFor the Month Ended October 31AdditionalPaid-InCommonRetainedCapitalStockEarningsTotalBalances, October 1 V120,000 v $3,125,00013,000,00016,245,000Issued Common Stock2,400,000 X2,400,000 XNet Income v485,000 X485,000 XDividends v50,00080,000 X850,000 xBalances, October 31 VFoodbaok

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.

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.

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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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

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Statement of stockholders' equity
Noric Cruises Inc. began the month of October with the following balances: Common Stock, $120,000; Additional Paid-In Capital, $3,125,000; and Retained Earnings,
$13,000,000. During June, Noric issued for cash 50,000 shares of common stock (with a stated value of $1) at $17 per share. Noric reported the following results for the
month ended October 31:
Net income
$2,400,000
Cash dividends declared
485,000
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
Additional
Paid-In
Common
Retained
Capital
Stock
Earnings
Total
Balances, October 1 V
120,000 v $
3,125,000
13,000,000
16,245,000
Issued Common Stock
2,400,000 X
2,400,000 X
Net Income v
485,000 X
485,000 X
Dividends v
50,000
80,000 X
850,000 x
Balances, October 31 V
Foodbaok

Expert Solution

Step 1

As Noric Issue Common Stock During June and Balances of Stockholders Equity are given for the beginning of October , so there will be no effect of the common stock issued during June on the Statement of Stockholder's Equity for the month ended October 2016.

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