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Bank of America Balance Sheet 31-Dec BẠC 2018 Dollars in the millions Assets BẮC 2019 Cash & Cash Equivalents 161,560 177,404 AR (Federal funds sold and securities borrowed or 274,597 261,131 purchased under agreements to resell) Inventory (Trading Account Assets) 229,826 214,348 Mkt Securities (Debt Securities) 472,197 441,753 Loans and Leases 983,426 946,895 Allowance for loan and lease -9,416 -9,601 losses All other assets 321,889 322,577 Total Assets 2,434,079 2,354,507 Liabilities Deposits 1,434,803 1,381,476 Long-term Liabilities (Federal funds purchased and securities loaned or sold under agreements to repurchase) 165,109 186,988 Trading Account Liabilities 83,270 68,220 Short-term borrowings 24,204 20,189 (Long-term debt) 240,856 229,392 All other liabilities 221,027 202,917 Total Liabilities 2,169,269 2,089,182 Shareholders equity 264,810 265,325 Lia & Share Equ 2,434,079 2,354,507 Bank of America Balance Sheet 31-Dec BẠC 2019 BẠC 2018 Dollarr in the millions Bank of America Income BẠC 2019 BAC 2018 Statement Net interest income 48,891 48,162 Noninterest income 42,353 42,858 Total Revenue, net of interest 91,244 91,020 100% exp Provisions for credit losess 3,590 3,282 Noninterest exp 54,900 53,154 Income before Income taxes 32,754 34,584 Income tax expense 5,324 6,437 Net Income 27,430 28,147 Preferred Stock Dividends 1,432 1,451 Net income applicable to 25,998 26,696 common shareholders Per common share info Earnings Diluted earnings Dividends paid 2.77 2.64 2.75 2.61 0.66 0.54

Bank of America Balance Sheet 31-Dec BẠC 2018 Dollars in the millions Assets BẮC 2019 Cash & Cash Equivalents 161,560 177,404 AR (Federal funds sold and securities borrowed or 274,597 261,131 purchased under agreements to resell) Inventory (Trading Account Assets) 229,826 214,348 Mkt Securities (Debt Securities) 472,197 441,753 Loans and Leases 983,426 946,895 Allowance for loan and lease -9,416 -9,601 losses All other assets 321,889 322,577 Total Assets 2,434,079 2,354,507 Liabilities Deposits 1,434,803 1,381,476 Long-term Liabilities (Federal funds purchased and securities loaned or sold under agreements to repurchase) 165,109 186,988 Trading Account Liabilities 83,270 68,220 Short-term borrowings 24,204 20,189 (Long-term debt) 240,856 229,392 All other liabilities 221,027 202,917 Total Liabilities 2,169,269 2,089,182 Shareholders equity 264,810 265,325 Lia & Share Equ 2,434,079 2,354,507 Bank of America Balance Sheet 31-Dec BẠC 2019 BẠC 2018 Dollarr in the millions Bank of America Income BẠC 2019 BAC 2018 Statement Net interest income 48,891 48,162 Noninterest income 42,353 42,858 Total Revenue, net of interest 91,244 91,020 100% exp Provisions for credit losess 3,590 3,282 Noninterest exp 54,900 53,154 Income before Income taxes 32,754 34,584 Income tax expense 5,324 6,437 Net Income 27,430 28,147 Preferred Stock Dividends 1,432 1,451 Net income applicable to 25,998 26,696 common shareholders Per common share info Earnings Diluted earnings Dividends paid 2.77 2.64 2.75 2.61 0.66 0.54

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please assist me with the acid test ratio for the attached document.  

 

I came up with .622.  is this correct?

 

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Bank of America Balance Sheet 31-Dec BẠC 2018 Dollars in the millions Assets BẮC 2019 Cash & Cash Equivalents 161,560 177,404 AR (Federal funds sold and securities borrowed or 274,597 261,131 purchased under agreements to resell) Inventory (Trading Account Assets) 229,826 214,348 Mkt Securities (Debt Securities) 472,197 441,753 Loans and Leases 983,426 946,895 Allowance for loan and lease -9,416 -9,601 losses All other assets 321,889 322,577 Total Assets 2,434,079 2,354,507 Liabilities Deposits 1,434,803 1,381,476 Long-term Liabilities (Federal funds purchased and securities loaned or sold under agreements to repurchase) 165,109 186,988 Trading Account Liabilities 83,270 68,220 Short-term borrowings 24,204 20,189 (Long-term debt) 240,856 229,392 All other liabilities 221,027 202,917 Total Liabilities 2,169,269 2,089,182 Shareholders equity 264,810 265,325 Lia & Share Equ 2,434,079 2,354,507
Transcribed Image Text:Bank of America Balance Sheet 31-Dec BẠC 2018 Dollars in the millions Assets BẮC 2019 Cash & Cash Equivalents 161,560 177,404 AR (Federal funds sold and securities borrowed or 274,597 261,131 purchased under agreements to resell) Inventory (Trading Account Assets) 229,826 214,348 Mkt Securities (Debt Securities) 472,197 441,753 Loans and Leases 983,426 946,895 Allowance for loan and lease -9,416 -9,601 losses All other assets 321,889 322,577 Total Assets 2,434,079 2,354,507 Liabilities Deposits 1,434,803 1,381,476 Long-term Liabilities (Federal funds purchased and securities loaned or sold under agreements to repurchase) 165,109 186,988 Trading Account Liabilities 83,270 68,220 Short-term borrowings 24,204 20,189 (Long-term debt) 240,856 229,392 All other liabilities 221,027 202,917 Total Liabilities 2,169,269 2,089,182 Shareholders equity 264,810 265,325 Lia & Share Equ 2,434,079 2,354,507
Bank of America Balance Sheet 31-Dec BẠC 2019 BẠC 2018 Dollarr in the millions Bank of America Income BẠC 2019 BAC 2018 Statement Net interest income 48,891 48,162 Noninterest income 42,353 42,858 Total Revenue, net of interest 91,244 91,020 100% exp Provisions for credit losess 3,590 3,282 Noninterest exp 54,900 53,154 Income before Income taxes 32,754 34,584 Income tax expense 5,324 6,437 Net Income 27,430 28,147 Preferred Stock Dividends 1,432 1,451 Net income applicable to 25,998 26,696 common shareholders Per common share info Earnings Diluted earnings Dividends paid 2.77 2.64 2.75 2.61 0.66 0.54
Transcribed Image Text:Bank of America Balance Sheet 31-Dec BẠC 2019 BẠC 2018 Dollarr in the millions Bank of America Income BẠC 2019 BAC 2018 Statement Net interest income 48,891 48,162 Noninterest income 42,353 42,858 Total Revenue, net of interest 91,244 91,020 100% exp Provisions for credit losess 3,590 3,282 Noninterest exp 54,900 53,154 Income before Income taxes 32,754 34,584 Income tax expense 5,324 6,437 Net Income 27,430 28,147 Preferred Stock Dividends 1,432 1,451 Net income applicable to 25,998 26,696 common shareholders Per common share info Earnings Diluted earnings Dividends paid 2.77 2.64 2.75 2.61 0.66 0.54
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