The Coppock Bank began the day with $10,000,000 in its reserve account and ended the day with the same amount.If loans,other assets,and Treasury securities were $3,000,000 and owner's equity was $2,000,000,what is the bank's total amount of assets?
A) $7,000,000
B) $11,000,000
C) $13,000,000
D) $15,000,000
E) There is not enough information to solve this.

Question

Quizplus · Accepted Answer

Total Assets = Reserve Account + Loans/Other Assets + Treasury Securities + Owner's Equity
Total Assets = $10,000,000 + $3,000,000 + $2,000,000
Total Assets = $15,000,000

Since the reserve account remained the same throughout the day, it does not affect the total amount of assets. Therefore, the bank's total amount of assets is $15,000,000.

The Coppock Bank Began the Day with $10,000,000 in Its