Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work 3 Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Balance Sheet (in

image text in transcribed

Check my work 3 Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Balance Sheet (in thousands) Assets Rate Earned (%) Cash and due from banks Investment securities Repurchase agreements Loans less allowance for losses Fixed assets Other earning assets Total assets $ 7,600 38,000 28,000 96,000 26,000 4,000 $199,600 10 10 Skipped Liabilities and Equity Rate Paid () eBook Demand deposits NOW accounts Retail CDs Subordinated debentures Total liabilities Common stock Paid-in capital surplus Retained earnings Total liabilities and equity 14,000 85,000 34,000 30,000 163,000 19,000 4,600 Print $199,600 If the bank earns $136,000 in noninterest income, incurs $96,000 in noninterest expenses, and pays $2,660,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting

Authors: Charles T Horngren, Gary L Sundem, William O Stratton, Howard D Teall, George Gekas

5th Canadian Edition

0131922688, 978-0131922686

More Books

Students also viewed these Accounting questions

Question

Use the figure to determine the following: B D H BC U CF U FB

Answered: 1 week ago