Question
You are given with the following information for Icon Bank for March 31, 2019- Checking A/C deposits - $1,100,000 Savings Account deposits - $250,000 CD
You are given with the following information for Icon Bank for March 31, 2019-
Checking A/C deposits - $1,100,000
Savings Account deposits - $250,000
CD Account Deposits - $400,000
Home Loans provided to customers by Icon Bank- $850,000
Commercial Loans to businesses by Icon Bank - $1,500,000
Icon Bank has a checking account with Fed and the balance is $100,000
Icon bank has $65,000 in cash vault
Icon bank owns a building valued at $2,400,000
This building that Icon Bank owns has a loan balance of $1,500,000
Value of ATM machine and other equipment they own - $50,000
What is the net worth or equity of the bank?
a.
$1,500,000
b.
$1,815,000
c.
$1,665,000
d.
$1,000,000
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