Question
The market value statement of financial position for Vern's Variety is shown below. There are 5,000 shares of stock outstanding. Cash $44,300; Fixed assets 370,000;
The market value statement of financial position for Vern's Variety is shown below. There are 5,000 shares of stock outstanding.
Cash $44,300; Fixed assets 370,000; Equity $414,300.
Instead of a dividend of $2.00 per share, the company has announced a share repurchase of $10,000 worth of stock.
How many shares will be outstanding after the repurchase? (Do not round intermediate calculations)
What will the price per share be after the repurchase? (Do not round intermediate calculations and round your final answer to 2 decimal places; e.g., 32.16)
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Financial and Management Accounting
Authors: Pauline Weetman
7th edition
1292086599, 978-1292086590
