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22 January, 04:33

The Coppock Bank began the day with $10,000,000 in its reserve account and ended the day with the same amount. If loans, other assets, and Treasury securities were $3,000,000 and owner's equity was $2,000,000, what is the bank's total amount of assets?

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  1. 22 January, 04:47
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    The answer is: $13,000,000

    Explanation:

    To calculate Coppock Bank's total assets we can use the following formula:

    bank assets = reserve account + loans + treasury securities + other assets

    bank assets = $10,000,000 + $3,000,000 = $13,000,000

    The balance sheet equation is: assets = liabilities + equity

    So the $2,000,000 in equity are not included in the bank's assets
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