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Create a Balance Sheet and Income Statement for a bank. Below are accounts and balances for 2013 year-end of ABC Bank, Inc. Note that the
Create a Balance Sheet and Income Statement for a bank. Below are accounts and balances for 2013 year-end of ABC Bank, Inc. Note that the Retained Earnings account has not yet been adjusted for 2013 net income and dividends so you will have to compute the year-end balance in Retained Earnings for the Balance Sheet. In $000's Cash & due from banks 21,860 Common stock 9,136 Dividends paid [2] 20,010 Employee expenses 28,804 Fed. Funds and reverse repurchases 137,313 Fee income 23,930 Gain from security trading 3,064 Goodwill & other assets 141,341 Gross loans and leases 846,833 Income tax expense 9,104 Interest expense 5,161 Interest income 48,391 Loan loss allowance 17,060 Long-term bonds payable 127,379 Miscellaneous other income 15,862 Other borrowed funds 57,175 Other expense 21,594 Other liabilities 76,668 Preferred stock 12,883 Provision for loan losses 7,217 Retained Earnings [1] 77,733 Securities 292,681 Surplus 59,802 Total deposits 1,002,835 1. Prepare a formal Income Statement (Report of Income) and Balance Sheet (Report of Condition) for the bank using Excel. You do not need to break down assets or liabilities into subsections. Note that all values are in thousands of dollars. You can skip adding the zeroes if you note the values correctly. 2. Go to sec.gov and click on Filings and you get a drop-down box. Click on Company Filings Search. In the Fast Search box (right side), type in ALL to get the SEC filings for Allstate Corporation (primarily an insurance company). Find the most recently filed 10K (interactive data) and then click on financial statements and open the firms Consolidated Balance Sheet and also the firms Consolidated Statement of Income. Observe the differences between the statements of an insurance company and those of a bank
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