Question
Ewing Oil repurchased$5.10B worth of shares during the year at an average price of$30. Cliff Barnes owned 0.15B shares in Ewing prior to the repurchase.
Ewing Oil repurchased$5.10B worth of shares during the year at an average price of$30. Cliff Barnes owned 0.15B shares in Ewing prior to the repurchase. Cliff decided not to sell any shares during the repurchase. What wasCliff's proportionate ownership in Ewing following therepurchase?
Ewing Oil Inc.
Selected Financial Information
Shares outstanding at beginning of Year 1.78B
Price at beginning of Year $30
Value of company beginning of Fiscal 53.4B
ANSWER : 9.32%
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
5th Canadian edition
9781259105692, 978-1259103285
