Instead of a dividend of $1.60 per share, the company has announced a share repurchase of $16,000 worth of stock. How many shares will be outstanding after the repurchase?

9,690 stocks

Explanation:

some information is missing:

Market Value Balance Sheet

Cash            $45,300        Equity$515,300

Fixed assets    $470,000    

Total           $515,300        Total         $515,300

total number of shares outstanding = 10,000

stock's market price = $515,300 / 10,000 = $51.53

stocks repurchased = $16,000 / $51.53 = 310.50, but we must round down to 310 stocks

stocks outstanding after repurchase = 10,000 - 310 = 9,690

the correct answer is - no.

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