Answered

Join the IDNLearn.com community and start finding the answers you need today. Receive prompt and accurate responses to your questions from our community of knowledgeable professionals ready to assist you at any time.

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 :

Zvikoidn

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.

We appreciate your contributions to this forum. Don't forget to check back for the latest answers. Keep asking, answering, and sharing useful information. Thanks for visiting IDNLearn.com. We’re dedicated to providing clear answers, so visit us again for more helpful information.