Balance Sheets of Assets and Liabilities
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Assume that Banc One receives a primary deposit of $1 million. The bank must keep reserves of 20 percent against its deposits.
Prepare a simple balance sheet of assets and liabilities for Banc One immediately after the deposit is received.
Assets
Acct Name $$
Liabilities
Acct Name $$
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Solution Summary
This solution illustrates the balance sheet of a newly established bank, showing assets and liabilities of a bank, taking into account the required reserve requirement (20%) of the bank.
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Dear Student:
In this problem we are creating a balance sheet for a new bank, Banc One.
Step 1. Banc One receives a primary deposit of $1 million from a customer. This money is a cash asset for the customer and a liability for the bank in a ...
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