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 Retaine 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 $2,350,000 475,000 Cash dividends declared 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
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 Retaine 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 $2,350,000 475,000 Cash dividends declared 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Statement of stockholders equity
![### 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
- **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 |
|--------------------------------|--------------|---------------------------|-------------------|-------------|
| Beginning Balances | $150,000 | $3,225,000 | $12,400,000 | $15,775,000 |
| Issuance of Common Stock | _____ | _____ | _____ |_____ |
| Net Income | _____ | _____ | _____ |_____ |
| Dividends | _____ | _____ | _____ |_____ |
| Ending Balances | _____ | _____ | _____ | _____ |
- **Issuance of Common Stock:**
- (50,000 shares * $1 stated value) = $50,000 for Common Stock.
- [(50,000 shares * $16 cash received per share) - $50,000 stated value] = $750,000 for Additional Paid-In Capital.
- **Net Income:** $2,350,000 added to Retained Earnings.
- **Dividends:** $475,000 subtracted from Retained Earnings.
After these calculations, the ending balances in the table should be populated with the updated values. The total column will sum up the values of Common Stock, Additional Paid-In Capital, and Retained Earnings for the ending balances](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0da0a9ed-480c-4a1e-9dd3-aae3fbebf8de%2F21ead143-d584-4e9f-9e05-114ffcf3b36c%2F4d45sjl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:### 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
- **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 |
|--------------------------------|--------------|---------------------------|-------------------|-------------|
| Beginning Balances | $150,000 | $3,225,000 | $12,400,000 | $15,775,000 |
| Issuance of Common Stock | _____ | _____ | _____ |_____ |
| Net Income | _____ | _____ | _____ |_____ |
| Dividends | _____ | _____ | _____ |_____ |
| Ending Balances | _____ | _____ | _____ | _____ |
- **Issuance of Common Stock:**
- (50,000 shares * $1 stated value) = $50,000 for Common Stock.
- [(50,000 shares * $16 cash received per share) - $50,000 stated value] = $750,000 for Additional Paid-In Capital.
- **Net Income:** $2,350,000 added to Retained Earnings.
- **Dividends:** $475,000 subtracted from Retained Earnings.
After these calculations, the ending balances in the table should be populated with the updated values. The total column will sum up the values of Common Stock, Additional Paid-In Capital, and Retained Earnings for the ending balances
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