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 1 year agoRelated Solutions
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