Question

Noric Cruises Inc. began the month of October with the following balances: Common Stock, $150,000; Additional Paid-In Capital, $3,400,000; and Retained Earnings, $12,600,000. During June, Noric issued for cash 50,000 shares of common stock (with a stated value of $1) at $12 per share. Noric reported the following results for the month ended October 31:

Net income	$2,000,000
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.

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	$	$	$
Issued Common Stock
Net Income
Dividends
Balances, October 31	$

Answer 1

Answer
	Common Stock	Additional paid in Capital	Retained Earnings	Total
Balances, October 1	$          150,000	$                        3,400,000	$      12,600,000	$      16,150,000
Issued Common Stock	$            50,000	$                           550,000		$           600,000
Net income			$        2,000,000	$        2,000,000
Dividends			-$          455,000	-$           455,000
Balances, October 31	$          200,000	$                        3,950,000	$      14,145,000	$      18,295,000
*** 50000 Shares * (12-1)= $ 550,000