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3. Coy, Inc. initially issued 200,000 shares of $1 par value stock for $1,000,000 in 2009. In 2010, the company repurchased 20,000 shares for $200,000. In May 2011, 10,000 of the repurchased shares were resold for $160,000. In September, 2011, an additional 4000 of the repurchased shares were resold for $32,000. In its balance sheet dated December 31, 2011, Coy, Inc.'s treasury stock account shows balance Of: A. $0. B. $40,000. C. $60,000. D. $100,000. E. $200,000.

3. Coy, Inc. initially issued 200,000 shares of $1 par value stock for $1,000,000 in 2009. In 2010, the company repurchased 20,000 shares for $200,000. In May 2011, 10,000 of the repurchased shares were resold for $160,000. In September, 2011, an additional 4000 of the repurchased shares were resold for $32,000. In its balance sheet dated December 31, 2011, Coy, Inc.'s treasury stock account shows balance Of: A. $0. B. $40,000. C. $60,000. D. $100,000. E. $200,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer 3,4

Coy, Inc. initially issued 200,000 shares of $1 par value stock for $1,000,000 in 2009. In 2010, the company repurchased 20,000 shares for $200,000. In May 2011, 10,000 of the repurchased shares were resold for $160,000. In September, 2011, an additional 4000 of the repurchased shares were resold for $32,000. In its balance sheet dated December 31, 2011, Coy, Inc.'s treasury stock account shows balance Of: A. $0. 3. B. $40,000. C. $60,000. D. $100,000. E. $200,000. 4. In its balance sheet December 31, 2011, Coy, Inc.'s paid-in capital- treasury shares accounts shows balance of: A. $60,000. $68,000. C. $60,000. D. $8,000. Е. B. $52,000.
Transcribed Image Text:Coy, Inc. initially issued 200,000 shares of $1 par value stock for $1,000,000 in 2009. In 2010, the company repurchased 20,000 shares for $200,000. In May 2011, 10,000 of the repurchased shares were resold for $160,000. In September, 2011, an additional 4000 of the repurchased shares were resold for $32,000. In its balance sheet dated December 31, 2011, Coy, Inc.'s treasury stock account shows balance Of: A. $0. 3. B. $40,000. C. $60,000. D. $100,000. E. $200,000. 4. In its balance sheet December 31, 2011, Coy, Inc.'s paid-in capital- treasury shares accounts shows balance of: A. $60,000. $68,000. C. $60,000. D. $8,000. Е. B. $52,000.
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