Bank of America

Table of Contents

Page

Introduction……………………………………………………………………………………………….....1

Deferred Taxes………………………………………………………………………………………………1

Temporary and Permanent Differences……………………………………………………………………...2

Income Tax Provision………………………………………………………………………………………..2

Defined Benefit Plan…………………………………………………………………………………………3

Earnings-Per-Share…………………………………………………………………………………………..4

Share-Based Compensation………………………………………………………………………………….4

Cash Flow Statement………………………………………………………………………………………...5

Investing and Financing Activities…………………………………………………………………………..5

Non-Cash Transactions………………………………………………………………………………….......5

Conclusion…………………………………………………………………………………………………..6

Works Cited…………………………………………………………………………………………………7

Introduction

Bank of America was first founded as the Bank of Italy by Amedeo Giannini in San Francisco, California on October 17, 1904. The bank was renamed Bank of America in 1929. Bank of America seeks to build broad, deep and long-lasting relationships with its customers by providing a full range of banking, investing and insurance products and services, and to create value for customers by delivering financial solutions within the context of each customer's complete banking relationship and financial situation, as one company with one customer experience (Zuckerman, 2010). It’s mission statement “is to offer lending and investment products that serve low- and moderate- individuals and families, that improve underserved low- and moderate- income communities, and that create sustainable practices for the long haul” (). This paper will analyze Bank of America’s financial statements and the footnotes to understand the corporation and its finances in greater detail. The deferred taxes and what is disclosed within the footnotes will be examined. What temporary and permanent differences the company discloses in its footnotes will be looked at. The income tax provision will be discussed and what is disclosed within the footnotes relating to the income...