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.
Intermediate Accounting: Reporting And Analysis
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Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
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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
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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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