Assume that Banc One receives a primary deposit of usd1 million
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. Please show your work.
……………………………Answer preview…………………….
Statement of financial
Assets $ $
Current assets
Bank deposit reserves 200,000
Cash 800,000
Total assets 1,000,000
Liabilities
Primary deposits…………………………
APA
129 words
