Max buys shares of newly issued Z Corp. stock for $30 per share and pays $1,000 cash, a car worth $2,000, and a promissory note for $3,000. Under the Revised Act, how many shares of stock could validly be sold?

A) 100
B) 33
C) 200
D) 133

Question

Simone Sandoval · Accepted Answer

Final Answer : C, Explanation :  Max pays a total of $6,000 ($1,000 cash + $2,000 car + $3,000 promissory note). At $30 per share, he can buy 200 shares ($6,000 / $30 per share).

Max buys shares of newly issued Z Corp. stock for $30 per share and pays $1,000 cash, a car worth $2,000, and a promissory note for $3,000. Under the Revised Act, how many shares of stock could validly be sold?

A) 100
B) 33
C) 200
D) 133

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Learning Objectives

Related questions

Max buys shares of newly issued Z Corp. stock for $30 per share and pays $1,000 cash, a car worth $2,000, and a promissory note for $3,000. Under the Revised Act, how many shares of stock could validly be sold?A) 100B) 33C) 200D) 133

Definitions

Learning Objectives

Learning Objectives

Related questions

Max buys shares of newly issued Z Corp. stock for $30 per share and pays $1,000 cash, a car worth $2,000, and a promissory note for $3,000. Under the Revised Act, how many shares of stock could validly be sold?

A) 100
B) 33
C) 200
D) 133