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dont' answer the briefly distinguish part i already know that. just the rest of the question 4. First, briefly distinguish between the income/expenditure statement and
dont' answer the "briefly distinguish" part i already know that. just the rest of the question
4. First, briefly distinguish between the income/expenditure statement and the balance sheet statement, making sure in your answer to indicate the significance of each. Then, suppose you are given the following financial information on a hypothetical chartered bank in Canada, for the period between April 24, 2020 and April 24, 2021 (all figures are in millions of dollars): non- interest income from service fees ($55); other miscellaneous operating revenues ($13); non- interest income from off-balance sheet activities (30); Interest income from loans ($209); income from investment in securities ($26); dividends paid to shareholders ($14); Income taxes owed, ($33); interest paid to depositors ($64); Interest on non-deposit borrowing ($18); salaries and wages of bank employees ($27); Overhead costs ($3); Other miscellaneous operating expenses ($22); loan loss provision ($22). From the above information, calculate the bank's (i) net income after taxes; (ii) its retained earnings (i.e., undistributed business profits); and (iii) finally, set up the bank's income and expenditure statement for the stated period; (iv). Suppose, the bank's return on assets (ROA) is 5.5 per cent, determine the value of its total assets in dollarsStep by Step Solution
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