**Statement of Stockholders’ Equity****Noric Cruises Inc.** began the month of October with the following balances:- Common Stock: $160,000- Additional Paid-In Capital: $3,025,000- Retained Earnings: $12,300,000During June, Noric issued for cash 30,000 shares of common stock (with a stated value of $1) at $14 per share. Noric reported the following results for the month ended October 31:- Net income: $2,050,000- Cash dividends declared: $500,000**Instructions:**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 at Beginning of Month** | $160,000 | $3,025,000 | $12,300,000 | $15,485,000 || **Issuance of Common Stock** | 30,000 shares x ($14 - $1) = $390,000 + $30,000 = $420,000 | $30,000 + $390,000 | $420,000 || **Net Income** | | | $2,050,000 | $2,050,000 || **Dividends Declared** | | | -$500,000 | -$500,000 || **Balances at End of Month** | $190,000 | $3,415,000 | $13,850,000 | $17,455,000 |**Detailed Explanation of Calculations:**1. **Issuance of Common Stock:** - Common Stock increase: $ 30,000 \text{ shares} \times \$1 = \$30,000 $ - Additional Paid-In Capital increase: \( 30,000 \text{ shares} \

Shareholder equity means the amount which belongs to the owner of the company i.e. share…

Answered: Statement of stockholders' equity Noric…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Entries for selected corporate transactions Instructions Chart of Accounts Journal Instructions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan. 5. Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,275,000 common shares outstanding. Mar. 10. Purchased 41,300 shares of the corporation’s own common stock at $29, recording the stock at cost. Apr. 30. Declared semiannual dividends of $0.75 on 70,400 shares of preferred stock and $0.11 on the common stock to stockholders of record on May 15, payable on June 15. June 15. Paid the cash dividends. Aug. 20. Sold 31,900 shares of treasury stock at $33, receiving cash. Oct. 15 Declared semiannual dividends of $0.75 on the preferred stock and $0.11 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock…
Green Thumb, Inc. had 18,000 shares of common stock outstanding on January 1. An additional 6,000 shares were issued on May 1. The company also had 1,000 shares of 5.5%, $100 par, convertible preferred stock outstanding during the year. Each share is convertible into 8 shares of common stock. Net income for the year was $82,500. Required:Compute the appropriate earnings per share amount(s) that would appear on the Green Thumb's income statement. If required, round your answers to two decimal places. Basic earnings per share ________ Diluted earnings per share ________
Statement of stockholders’ equity Noric Cruises Inc. began the month of October with the following balances: Common Stock, $140,000; Additional Paid-In Capital, $3,125,000; and Retained Earnings, $12,200,000. 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 450,000 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 CommonStock AdditionalPaid-InCapital RetainedEarnings Total $ $ $ $
Instructions Journalize the selected transactions. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, Year 1, were as follows: a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission. The investment is classified as an available-forsale investment. g. Purchased 8,000 shares of treasury common stock at $33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock…
Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, cormon stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $20 cash per share. January 5 February 28 July 6 August 22 September 5 Directora declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,000 of its treasury shares at $24 cash per share. Sold 2,000 of its treasury shares at $16 cash per share. Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $408,000 credit…
The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $170,000 in the current year. It also declared and paid dividends on common stock in the amount of $2.70 per share. During the current year, Sneer had 1 million common shares authorized; 370,000 shares had been issued; and 163,000 shares were in treasury stock. The opening balance in Retained Earnings was $870,000 and Net Income for the current year was $370,000. Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31. 3. Prepare a journal entry to close the dividends account.
On January 1st, Admiral Nelson Company had 300,000 shares of common stock issued andoutstanding. Admiral issued a 10% stock dividend on June 30th. On September 30th, 12,000 shares ofcommon stock were reacquired as treasury stock. What is the appropriate number of shares to be usedin calculating basic earnings per share for the year?
The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $300,000 in the current year. It also declared and paid dividends on common stock in the amount of $1.00 per share. During the current year, Sneer had 1 million common shares authorized; 500,000 shares had been issued; and 280,000 shares were in treasury stock. The opening balance in Retained Earnings was $700,000 and Net Income for the current year was $200,000. Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31. 3. Prepare a journal entry to close the dividends account.
During Year 3, Thornton Corporation reported after-tax net income of $3,635,000. During the year, the number of shares of stock outstanding remained constant at 9,520 of $100 par, 8 percent preferred stock and 395,000 shares of common stock. The company’s total stockholders’ equity is $20,000,000 at December 31, Year 3. Thornton Corporation’s common stock was selling at $54 per share at the end of its fiscal year. All dividends for the year have been paid, including $4.60 per share to common stockholders. Requireda. Compute the earnings per share. (Round your answer to 2 decimal places.)b. Compute the book value per share of common stock. (Round your answer to 2 decimal places.)c. Compute the price-earnings ratio. (Round intermediate calculations and final answer to 2 decimal places.)d. Compute the dividend yield. (Round your percentage answer to 2 decimal places. (i.e., 0.2345 should be entered as 23.45).)
On January 1st, Admiral Nelson Company had 300,000 shares of common stock issued and outstanding. Admiral issued a 10% stock dividend on June 30th. On September 30th, 12,000 shares of common stock were reacquired as treasury stock. What is the appropriate number of shares to be used in calculating basic earnings per share for the year?
Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: Issued 5,700 shares of common stock for cash at $20 per share. Issued 1,700 shares of common stock for cash at $23 per share. Prepare the stockholders’ equity section as it should be reported on the year-end balance sheet. At year-end, the accounts reflected a profit of $200.
On January 1, Pina Colada Corp. had 94,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $7 per share. During the year, the following occurred. Apr. 1 Issued 23,000 additional shares of common stock for $19 per share. June 15 Declared a cash dividend of $2 per share to stockholders of record on June 30. July 10 Paid the $2 cash dividend. Dec. 1 Issued 1,000 additional shares of common stock for $19 per share. 15 Declared a cash dividend on outstanding shares of $1.80 per share to stockholders of record on December 31. (a)Prepare the entries, on each of the three dividend dates.

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