Assume that a company paid $6 per share to purchase 1,100 shares of its $3 par common stock as treasury stock. The purchase of treasury stock a. increased total equity by $3,300. b. decreased total equity by $3,300. c. decreased total equity by $6,600. d. increased total equity by $6,600.
Assume that a company paid $6 per share to purchase 1,100 shares of its $3 par common stock as treasury stock. The purchase of treasury stock a. increased total equity by $3,300. b. decreased total equity by $3,300. c. decreased total equity by $6,600. d. increased total equity by $6,600.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 12MCQ
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Assume that a company paid $6 per share to purchase 1,100 shares of its $3 par common stock as
a. increased total equity by $3,300.
b. decreased total equity by $3,300.
c. decreased total equity by $6,600.
d. increased total equity by $6,600.
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