timer Asked: Oct 23rd, 2013
account_balance_wallet $5

Question Description

Assume that Banc One receives a primary deposit of $1million. The bank must keep reserves if 20 percent against its deposits. Prepare a simple balance sheet of assests and liabilities for Banc One immediately after the deposit is received.

Tutor Answer

School: University of Maryland

Credit Liabilities: deposit accounts $1,000,000
Debit Assets: reserves $200,000
Debit Assets: cash available $800,000

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