Noric Cruises Inc. reported the following results for the month ended October 31

Question

Noric Cruises Inc. reported the following results for the month ended October 31: Retained earnings, October 1 $3,965,000 Net income 742,000 Cash dividends declared 99,600 Stock dividends declared 48,900 Prepare a retained earnings statement for the month ended October 31. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign

Noric Cruises Inc.

Retained Earnings Statement

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Labels For the Month Ended October 31 October 31 Accounts and Amount Descriptions Change in retained earnings Dividends Issuance of additional common stock Net income Net loss Purchase of treasury stock Retained earnings, October 1 Retained earnings, October 31

Noric Cruises Inc.

Retained Earnings Statement

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Explanation / Answer

Noric Cruises Inc. Retained Earnings Statement For the Month Ended October 31 1 Retained earnings, October 1 $3,965,000 2 Add : Net Income $742,000 3 Less : Dividends $99,600 4 Less : Issuance of additional common stock $48,900 5 Retained earnings, October 31 $4,558,500

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