Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The balance sheet for Quinn Corporation is shown here in market value terms. There are 10,000 shares of stock outstanding. Market Value Balance Sheet Cash
The balance sheet for Quinn Corporation is shown here in market value terms. There are 10,000 shares of stock outstanding. |
Market Value Balance Sheet | |||
Cash | $ 45,000 | Equity | $ 485,000 |
Fixed assets | 440,000 | ||
Total | $ 485,000 | Total | $ 485,000 |
Instead of a dividend of $1.90 per share, the company has announced a share repurchase of $19,000 worth of stock. |
How many shares will be outstanding after the repurchase? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
What will the price per share be after the repurchase? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started