34. A bank has a net worth of $900,000 at the beginning of the calendar year, af

Question

34. A bank has a net worth of $900,000 at the beginning of the calendar year, after the following transactions, what would the bank's net worth be at the end of this same calendar year? .Repayment of a $5,000 loan using funds from its account with another bank . Purchase of a S40,000 automobile with a $10,000 down payment and the remaining amount finance through a credit union .A $12,000 increase in the bank's mutual funds account balances . A $15,000 decrease in the bank's bond portfolico a. $897,000 b. S900,000 c. $902,000 d. $922,000

Explanation / Answer

Calculation of Closing balance of Networth

Opening balance $900,000

Less: Repayment of Loan from bank account $5,000

Add: New Auto mobile $40,000

Less: Down payment made $10,000

Add: Increase in Mutual Fund $12,000

Less: Decrease in Portfolio $15,000

CLOSING NET WORTH $9,22,000

Related Questions

Navigate

• Browse (All)
• Browse 3
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.