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.

Question

ArielleCampbell5133 ArielleCampbell5133

30-04-2020
Business

contestada

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.

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ladeitan ladeitan · Answer 1 · 2020-05-05T02:41:21+02:00

Answer:

The statement of stockholders’ equity for the month ended October 31 is $18,450,000.

Explanation:

Noric Cruises Inc.

Statement of stockholders’ equity for the month ended October 31

Common stock Paid-In Capital Retained Earnings

Opening balance $150,000 $3,225,000 $12,400,000

Addition 800,000 - -

Net income - - $2,350,000

Cash dividends - - (475,000)

Balance at Oct 31 $950,000 $3,225,000 $14,275,000

ricardo3005 ricardo3005 · Answer 2 · 2021-08-09T00:41:44+02:00

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

150,000

$fill in the blank 3

3,225,000

$fill in the blank 4

12,400,000

$fill in the blank 5

15,775,000

Issued Common Stock

fill in the blank 7

50,000

fill in the blank 8

750,000

fill in the blank 9

0

fill in the blank 10

800,000

Net Income

fill in the blank 12

0

fill in the blank 13

0

fill in the blank 14

2,350,000

fill in the blank 15

2,350,000

Dividends

fill in the blank 17

fill in the blank 18

fill in the blank 19

fill in the blank 20

Balances, October 31

$fill in the blank 22

200,000

$fill in the blank 23

3,975,000

$fill in the blank 24

14,275,000

$fill in the blank 25

18,450,000