Multiple Choice
A firm has a market value equal to its book value,excess cash of $400,other assets of $9,200,and equity of $9,800.The firm has 500 shares of stock outstanding and net income of $420.The firm has decided to spend all of its excess cash on a share repurchase program.How many shares of stock will be outstanding after the stock repurchase is completed?
A) 440 shares
B) 445 shares
C) 480 shares
D) 910 shares
E) 915 shares
Correct Answer:
Verified
Correct Answer:
Verified
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