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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 0.26668
23-Nov-15 0.26668
21-Aug-15 0.26668
21-May-15 0.25834
23-Feb-15 0.26668


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.

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Answer #1
Answer
Calculation of total dividends paid during fiscal 2015 :
Date Outstanding stock (In Million) Dividend per Share Dividend paid (In Million)
23-Nov-15 14,058 $0.26668 $       3,748.98
21-Aug-15 14,058 $0.26668 $       3,748.98
21-May-15 14,058 $0.25834 $       3,631.74
23-Feb-15 14,058 $0.26668 $       3,748.98
Total $     14,878.68
Total Dividend paid is $ 14879 Million (Approx).
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