On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. During 2018, Fascom Inc. had several transactions relating to common stock. Required:
Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2018. Assume net income is $500,000 for 2018.

Question

On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts.  During 2018, Fascom Inc. had several transactions relating to common stock.  Required:
Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2018. Assume net income is $500,000 for 2018.

Quizplus · Accepted Answer

The Answer of On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts.  During 2018, Fascom Inc. had several transactions relating to common stock.  Required:
Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2018. Assume net income is $500,000 for 2018.

On January 1, 2018, Fascom Had the Following Account Balances