Patti's has net income of $43,700,a price-earnings ratio of 15.7,and earnings per share of $1.39.How many shares of stock are outstanding?
A)2,002 shares
B)38,690 shares
C)31,439 shares
D)493,590 shares
E)28,750 shares

Name: Patti's has net income of $43,700,a price-earnings ratio of 15.7,and earnings per share of $1.39.How many shares of stock are outstanding? A)2,002 shares B)38,690 shares C)31,439 shares D)493,590 shares E)28,750 shares
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Quizplus · Accepted Answer

Number of shares = $43,700/$1.39 = 31,439 shares

Patti's Has Net Income of $43,700,a Price-Earnings Ratio of 15