Noric Cruises Inc. began the month of October with the following balances: Common Stock, $160,000; Additional Paid-In Capital, $3,250,000; and Retained Earnings, $12,500,000. During June, Noric issued for cash 30,000 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$2,200,000Cash dividends declared455,000Prepare 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 amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank.

Statement of stockholder's equity is a summary of shareholders' balance. It includes common stock…

Answered: Noric Cruises Inc. began the month of…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 55E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...

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Noric Cruises Inc. began the month of October with the following balances: Common Stock, $160,000; Additional Paid-In Capital, $3,250,000; and Retained Earnings, $12,500,000. During June, Noric issued for cash 30,000 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	$2,200,000
Cash dividends declared	455,000

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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