Answered
Mae's Housewares has 48,000 shares of stock outstanding with a market value of $11 per share. The company has retained earnings of $62,700. The company just announced a 1-for-3 reverse stock split. How many shares of stock will be outstanding after the split?
A) 16,000 shares
B) 24,000 shares
C) 36,000 shares
D) 72,000 shares
E) 144,000 shares
On May 14, 2024