The Coppock Bank began the day with $10 million in its reserve account and ended the day with the same amount.If loans were $3 million,what is the bank's total amount of assets?

Question

Quizplus · Accepted Answer

Since the bank began and ended the day with the same amount in its reserve account, it means that there was no change in its liabilities. Therefore, the bank's total assets must have been equal to its reserves plus its loans. 
Total Assets = Reserves + Loans = $10 million + $3 million = $13 million. Thus, the correct answer is C, $13 million.

The Coppock Bank Began the Day with $10 Million in Its