Multiple Choice
TJ's has a market value equal to its book value. Currently, the firm has excess cash of $218,500, other assets of $897,309, and equity of $547,200. The firm has 40,000 shares of stock outstanding and net income of $59,800. Management has decided to spend 15 percent of the excess cash on a share repurchase program. How many shares of stock will be outstanding after the stock repurchase is completed?
A) 47,937
B) 48,050
C) 37,604
D) 35,578
E) 41,584
Correct Answer:
Verified
Correct Answer:
Verified
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