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A firm has a market value equal to its book value. Currently, the firm has excess cash of $1,000 and other assets of $5,500. Equity
A firm has a market value equal to its book value. Currently, the firm has excess cash of $1,000 and other assets of $5,500. Equity is worth $6,500. The firm has 650 shares of stock outstanding and net income of $1,400. 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? Multiple Choice 660 shares 460 shares 550 shares 570 shares 560 shares
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