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 0.25556 23-Nov-15 0.25556 21-Aug-15 0.25556 21-May-15 0.24722 23-Feb-15 0.25556 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 and show how your arrived to the answer.

Question

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 0.25556
23-Nov-15 0.25556
21-Aug-15 0.25556
21-May-15 0.24722
23-Feb-15 0.25556


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 and show how your arrived to the answer.

Expert Answer

1 Rating

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Other

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Notes Payable Renchen Company, which manufactures steel tubing and casing for automobile production,...

A: 1. prepare the journal entry to record the borrowing transaction:

Q: On January 1, 2014 Victory Falls Company issued $2,100,000 in bonds that mature in 5 years. The bond...

A: yes, it is correct.

Q: Issuance of Long-Term Debt M. Nickles Company issued $1,500,000 of bonds for $1,487,200. Interest is...

A: 1. Record journal entry for issuance of bonds as shown below:

Q: Support department cost allocation—direct method Becker Tabletops has two support departments (Janit...

A: Hence, the Janitorial department cost which is allocated to cutting department costs is $58,000. The...

Q: In 2013, Waldo Balloons sold 50 hot air balloons at $25,000 each. The balloons carry a 5-year warran...

A: Calculate the balance of warranty liability at the end:

Q: 1-9 (5) Please sovle the following Revenues for 2028 unknown Dividends declared in 2028 $80,000 Expe...

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of ...

Q: E4-5 Recording Adjusting Entries and Reporting Balances in Financial Statements LO4-1, LO4-2 A+T Wil...

A: Hence, the adjusted amount of prepaid insurance is $600. Here, prepaid insurance expenses being an a...

Q: My text book is  Hospitality Industry Financial Accounting (4th edition). I am in chapter 11 -- PROP...

A: A capitalized cost is considered to be a part of fixed asset, instead of considering it as an expens...

Q: If a taxpayer does not have enough tax liability to use all the available adoption credit, the unuse...

A: Adoption Credit: Adoption of a child needs certain basic expenses like court and attorney fees and s...

Q: My text book is  Hospitality Industry Financial Accounting (4th edition). I am in chapter 11 -- PROP...

A: 1. Calulate first year depreciation under straight line method.

Q: My text book is  Hospitality Industry Financial Accounting (4th edition). I am in chapter 10 -- INVE...

A: Calculate the cost of food used.

Q: How do you find the date goods received, last day of the discount period, and end of credit period w...

A: Compute the last day of the discount period, and end of credit period:Discount period:In this case, ...

Q: how would i find the budgeted cash reciepts for the following months

A: Budgeted cash receipts for three months are calculated as follows:

Q: Irons Delivery Inc. purchased a new delivery truck for $45,000 on January 1, 2013. The truck is expe...

A: Determine depreciation expense for each mile driven.

Q: how to do this questions? thanksssss!!

A: Hello, since you have posted a question with multiple sub-parts, we will solve first three subparts ...

Q: 7-516. James did not have minimum essential coverage for any part of 2018. If James is single and ha...

A: Formula to calculate individual responsibility payment for the year 2018, is the greater amount of F...

Q: WRITE $3878295 IN MILLIONS

A: While writing any amount in millions, commas should be put before every three numbers.

Q: Valiant Petro products refines crude oil to produce gasoline and kerosene. Joint costs incurred duri...

A: In the above equation, allocation csot for gasoline is calculated by taking total joint cost that is...

Q: High-Low Method The manufacturing costs of Rosenthal Industries for the first three months of the ye...

A: Click to see the answer

Q: Sophia & More Company sells clothing, shoes and accessories at a city location near you. Informa...

A: Income Statement as per Variable Costing

Q: What part of the A=L +SE does expenses and revenues under and are they CR or DR balances? Expenses c...

A: The accounting equation shows that sum of all assets= sum of liabilities + sum of owner's /stockhold...

Q: What financial statement are the following posted on? 1) Net cash flows from operations 2) Sales 3) ...

A: Financial Statements are reports that convey the business activities and financial performance of th...

Q: Where do we record retained earnings in a balance sheet?

A: Retained earnings refers to the amount of earnings that are not paid as dividends to the stockholder...

Q: Operating Leverage Beck Inc. and Bryant Inc. have the following operating data:   Beck Inc. Bryan...

A: Click to see the answer

Q: What statement(s) do the following go on? Please verify if they will show on more than one statement...

A: State the statements where line items go into as shown below:Net income – Net income is shown in the...

Q: How would I find the effect on the total cost

A: Calculate the effect on blowing sand total cost.

Q: Toulouse PLC produces three different products. The following table shows the inventory/stock valuat...

A: Lower of Cost or Value method is used by companies to determine the value at which inventory shall a...

Q: Direct Materials Variances I-Time, Inc., produces electronic timepieces. The company uses mini-LCD d...

A: Calculation of variances:

Q: At​ year-end, StickStick has cash of $ 22 comma 000$22,000​, current accounts receivable of $ 80 com...

A: Calculate the receivables turnover ratio.

Q: Break-Even Sales Currently, the unit selling price of a product is $390, the unit variable cost is $...

A: Break even sales is the dollar amount of revenue at which a business earns a profit of zero i.e. No ...

Q: My text book is Hospitality Industry Financial Accounting (4th edition). I am in chapter 17 -- State...

A: Statement of Cash flow of Ms. Mc.Kenzie for the year ending December 31, 20X4:

Q: Please solve the following and explain in steps how you solved the calculation. Revenue for 2028 $80...

A: Calculate ending balance of  retained earnings:

Q: Discuss the importance of the three components of the cash flow statement in managing the finances o...

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: Break-Even Sales and Sales Mix for a Service Company Zero Turbulence Airline provides air transporta...

A: Break even sales is the dollar amount of revenue at which a business earns a profit of zero i.e. No ...

Q: A machine that cost $100,000 has an estimated residual value of $10,000 and an estimated useful life...

A: Calculate the depreciation expense per machine hour.

Q: Brief Exercise 7-06 The cash register tape for Larkspur Industries reported sales of $10,169.80.Rec...

A: Prepare the journal entries:

Q: 3. Homework Chapter 10

A: Stockholders’ equity is the measure of assets staying in a business after the sum total of the liabi...

Q: Prepare multi-step income statement Prepare single step income statement Income Statement        ...

A: Prepare multi-step income statement

Q: Problem 6-12 (Algorithmic)The Individual Alternative Minimum Tax (AMT) (LO 6.5) Otto and Monica are ...

A: AMTI is calculated based on alternative minimum taxable income which includes all the taxable income...

Q: conduct horizontal and vertical analyses for the balance sheet and income statement accounts and rep...

A: Horizontal analysis to determine the changes in short and long-term debt over time.

Q: Calculation and Journal Entry for Employer Payroll Taxes 1.  Calculate the employer's payroll taxes ...

A: Click to see the answer

Q: Current Attempt in Progress Sunland Company sells its product for $90 per unit. During 2019, it prod...

A: Absorption costing: Absorption costing is used to compute cost of a product. Under this method total...

Q: You are considering purchasing a bond. The bond will pay you $100 at the end of each year for 20 yea...

A: Time value of money: Time value of money is a vital concept to the investors, as it suggests them th...

Q: 5. Homework Chapter 10

A: Record January 1st transaction.

Q: Find the simple interest. Assume a 360-day year. Round results to the nearest cent. 1) $3180 at 5% f...

A: Simple interest on principal amount is calculated using the formula:

Q: Exercise 7-03 Listed below are five procedures followed by Eikenberry Company.Indicate whether eac...

A:  Accounting principle: These are the guidelines which are to be applied while preparing the accounti...

Q: Pasadenas starts a business on the 1 June 20x8, introducing the following assets:                   ...

A: Calculate the amount of net profit:

Q: 1-8  Identify the related form of business for the following 1) Johnson, Capital 2) Common Stock 3) ...

A: Forms of business organization: Sole proprietorship: The form of business entity which is owned and ...

Q: Margin of Safety a. If Canace Company, with a break-even point at $386,900 of sales, has actual sale...

A: Margin of Safety represents the value of sales over and above the break-even point.Margin of Safety ...

Q: How to prepare a classified balance sheet?               Adjusted Trial Balance     December ...

A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’ ...