Question
In: Finance
Identifying and Analyzing Financial Statement Effects of Cash Dividends On its Form 10-K for the year...
Identifying and Analyzing Financial Statement Effects of Cash
Dividends
On its Form 10-K for the year ended December 31, 2015, Bank of
America Corp. reported the following relating to dividends on its
Series 5 Floating Rate Non-Cumulative Preferred stock.
| Dividend Payment Date | Dividend Per Share | |||
|---|---|---|---|---|
| 22-Feb-16 | 0.30003 | |||
| 23-Nov-15 | 0.30003 | |||
| 21-Aug-15 | 0.30003 | |||
| 21-May-15 | 0.29169 | |||
| 23-Feb-15 | 0.30003 | |||
There were 14,058 million shares of this preferred stock
outstanding throughout the year. Determine the total dividends that
Bank of America paid during fiscal 2015.
Round answer to the nearest million.
$Answer million
Solutions
Expert Solution
| Dividend Payment Date | Dividend Per Share | Number of Shares (Million) | Dividend paid (Million) |
| 23-Feb-15 | 0.30003 | 14,058.00 | 4,217.82 |
| 21-May-15 | 0.29169 | 14,058.00 | 4,100.58 |
| 21-Aug-15 | 0.30003 | 14,058.00 | 4,217.82 |
| 23-Nov-15 | 0.30003 | 14,058.00 | 4,217.82 |
| Answer: | 16,754 |
jeff jeffy answered 2 years agoRelated Solutions
Identifying and Analyzing Financial Statement Effects of Dividends The stockholders’ equity of Palepu Company at December...
Identifying and Analyzing Financial Statement Effects of
Dividends
The stockholders’ equity of Palepu Company at December 31, 2015,
appears below.
During 2016, the following transactions occurred:
Required
a. Using the financial statement effects template, illustrate
the effects of these transactions.
b. Prepare the journal entries for these transactions.
c. Post the journal entries from b to the related
T-accounts.
d. Prepare a retained earnings reconciliation for 2016 assuming
that the company reports 2016 net income of $283,000. Hint: Do not...
Analyzing and Identifying Financial Statement Effects of Dividends The stockholders’ equity of Kinney Company at December...
Analyzing and Identifying Financial Statement Effects of
Dividends
The stockholders’ equity of Kinney Company at December 31, 2015, is
shown below:
5% preferred stock, $100 par value, 10,000 shares
authorized;
4,000 shares issued and outstanding
$400,000
Common stock, $5 par value, 200,000 shares authorized;
50,000 shares issued and outstanding
250,000
Paid-in capital in excess of par value-preferred stock
40,000
Paid-in capital in excess of par value-common stock
300,000
Retained earnings
656,000
Total stockholders' equity
$1,646,000
The following transactions, among others,...
Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of Kinney Company at December...
Identifying and Analyzing Financial Statement Effects of
Dividends
The stockholders' equity of Kinney Company at December 31, 2011, is
shown below.
5% preferred stock, $100 par value, 10,000 shares authorized;
4,000 shares issued and outstanding
$ 400,000
Common stock, $5 par value, 200,000 shares authorized; 50,000
shares issued and outstanding
250,000
Paid-in capital in excess of par value—preferred stock
40,000
Paid-in capital in excess of par value—common stock
300,000
Retained earnings
656,000
Total stockholders' equity
$1,646,000
The following transactions, among...
Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of Hammel Company at December...
Identifying and Analyzing Financial Statement Effects of
Dividends
The stockholders' equity of Hammel Company at December 31, 2016, is
shown below.
5% preferred stock, $100 par value, 10,000 shares authorized;
6,000 shares issued and outstanding
$600,000
Common stock, $5 par value, 200,000 shares authorized; 70,000
shares issued and outstanding
350,000
Paid-in capital in excess of par value—preferred stock
50,000
Paid-in capital in excess of par value—common stock
400,000
Retained earnings
747,000
Total stockholders' equity
$2,147,000
The following transactions, among others,...
Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of Kinney Company at December...
Identifying and Analyzing Financial Statement Effects of
Dividends
The stockholders' equity of Kinney Company at December 31, 2011, is
shown below.
5% preferred stock, $100 par value, 18,000 shares authorized;
8,000 shares issued and outstanding
$ 800,000
Common stock, $5 par value, 200,000 shares authorized; 50,000
shares issued and outstanding
250,000
Paid-in capital in excess of par value—preferred stock
40,000
Paid-in capital in excess of par value—common stock
300,000
Retained earnings
656,000
Total stockholders' equity
$2,046,000
The following transactions, among...
Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of Hammel Company at December...
Identifying and Analyzing Financial Statement Effects of
Dividends
The stockholders' equity of Hammel Company at December 31, 2016, is
shown below.
5% preferred stock, $100 par value, 10,000 shares authorized;
6,000 shares issued and outstanding
$600,000
Common stock, $5 par value, 200,000 shares authorized; 70,000
shares issued and outstanding
350,000
Paid-in capital in excess of par value—preferred stock
50,000
Paid-in capital in excess of par value—common stock
400,000
Retained earnings
747,000
Total stockholders' equity
$2,147,000
The following transactions, among others,...
Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of Hammel Company at December...
Identifying and Analyzing Financial Statement Effects of
Dividends
The stockholders' equity of Hammel Company at December 31, 2016, is
shown below.
5% preferred stock, $100 par value, 10,000 shares authorized;
6,000 shares issued and outstanding
$600,000
Common stock, $5 par value, 200,000 shares authorized; 70,000
shares issued and outstanding
350,000
Paid-in capital in excess of par value—preferred stock
50,000
Paid-in capital in excess of par value—common stock
400,000
Retained earnings
747,000
Total stockholders' equity
$2,147,000
The following transactions, among others,...
Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of Kinney Company at December...
Identifying and Analyzing Financial Statement Effects of
Dividends
The stockholders' equity of Kinney Company at December 31, 2011, is
shown below.
5% preferred stock, $100 par value, 12,000 shares authorized;
5,000 shares issued and outstanding
$ 500,000
Common stock, $5 par value, 400,000 shares authorized; 100,000
shares issued and outstanding
500,000
Paid-in capital in excess of par value—preferred stock
40,000
Paid-in capital in excess of par value—common stock
600,000
Retained earnings
656,000
Total stockholders' equity
$2,296,000
The following transactions, among...
Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of Kinney Company at December...
Identifying and Analyzing Financial Statement Effects of
Dividends
The stockholders' equity of Kinney Company at December 31, 2011, is
shown below.
5% preferred stock, $100 par value, 28,000 shares authorized;
13,000 shares issued and outstanding
$1,300,000
Common stock, $5 par value, 320,000 shares authorized; 80,000
shares issued and outstanding
400,000
Paid-in capital in excess of par value—preferred stock
40,000
Paid-in capital in excess of par value—common stock
480,000
Retained earnings
656,000
Total stockholders' equity
$2,876,000
The following transactions, among others,...
Identifying and Analyzing Financial Statement Effects of Dividends The stockholders’ equity of Palepu Company at December...
Identifying and Analyzing Financial Statement Effects of
Dividends
The stockholders’ equity of Palepu Company at December 31, 2015,
appears below.
Common stock, $10 par value, 200,000 shares authorized;
85,000 shares issued and outstanding
$800,000
Paid-in capital in excess of par value
480,000
Retained earnings
315,000
During 2016, the following transactions occurred:
May 12
Declared and issued a 8% stock dividend; the common stock
market value was $18 per share.
Dec. 31
Declared and paid a cash dividend of 75 cents...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- The Following Java expression: S/10 * 10 + 10 – S = C Show that this...
- Year Cash Flow 0 −$9,700 1 5,800 2 2,500 3 3,400 &nb
- In a two – story building, an exterior column is to be designed for a service...
- Explain the use of neural networking modeling in predictive analytics. Discuss a real-life example of where...
- Boarder line and antisocial disorder are perhaps the most research personality disorder.What are the most common...
- Read at least 2 academically reviewed articles and Write an annotated bibliography paper on Master Budgeting
- Why normalization and referential integrity are important principles when designing relational databases?
ADVERTISEMENT