Keys, Inc. purchased 100 shares of its own common stock for $10 per share. The stock is now classified as ______ stock, a contra equity account, reported on the statement of stockholder's equity.

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03-07-2021
Business

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Keys, Inc. purchased 100 shares of its own common stock for $10 per share. The stock is now classified as ______ stock, a contra equity account, reported on the statement of stockholder's equity.

Sagot :

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Zviko Zviko · Answer 1 · 2021-07-04T22:00:04-04:00

Zviko Zviko

04-07-2021

Answer:

Treasury Stock

Explanation:

A firm`s purchase of its own stock is known as Treasury Stock. This is a a contra equity account, that is reported on the statement of stockholder's equity.

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Keys, Inc. purchased 100 shares of its own common stock for $10 per share. The stock is now classified as ______ stock, a contra equity account, reported on the statement of stockholder's equity.

Sagot :

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