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Connect Problem CP 35-10 (algo) The balance sheet for the newly formed ACME Bank is shown below. ACME Bank Balance Sheet 1 Liabilities and net worth Assets %24 127,000 244,000 Reserves 132,000 Checkable deposits Property 239.000 Stock shares Instructions: Enter your answers as a whole number. a Toshi, the owner of Tosh's Produce, has obtained a bank loan of $52,000 to buy a new delivery truck. The amount of the loan will be added to the available balance of Toshi's checking account. What will ACME Bank's balance sheet look Ske immediately after the loan has been finalized? Fill in the values in the table.

Connect Problem CP 35-10 (algo) The balance sheet for the newly formed ACME Bank is shown below. ACME Bank Balance Sheet 1 Liabilities and net worth Assets %24 127,000 244,000 Reserves 132,000 Checkable deposits Property 239.000 Stock shares Instructions: Enter your answers as a whole number. a Toshi, the owner of Tosh's Produce, has obtained a bank loan of $52,000 to buy a new delivery truck. The amount of the loan will be added to the available balance of Toshi's checking account. What will ACME Bank's balance sheet look Ske immediately after the loan has been finalized? Fill in the values in the table.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4 Connect Problem CP 35-10 (algo) The belance sheet for the newly formed ACME Bank is shown below. ACME Bank Balance Sheet 1 Liabilities and net worth eBook Assets Checkable deposits Reserves 132,000 127,000 244,000 Reference Property 239,000 Stock shares Instructions: Enter your answers as a whole number. a. Toshi, the owner of Toshi's Produce, has obtained a bank loan of $52,000 to buy a new delivery truck. The amount of the loan will be added to the available balance of Toshi's checking account. What will ACME Bank's balance sheet look like immediately after the loan has been finalized? Fill in the values in the table. ACME Bank Balance Sheet 2 Liabilities and net worth Checkable deposits Assets Reserves Loans Stock shares Property b. Toshi then writes a check from his checking account to purchase the delivery truck from Bob's Motors for the entire amount of the loan, $52,000. Bob's Motors deposits the check in its checking account at XYZ Bank. What will ACME Bank's balance sheet look like after the check has been processed? Fl in the values in the table below. ACME Bank Balance Sheet 3 Liabilities and net worth Checkable deposits Stock shares Assets Reserves Loans Property c After all transactions are complete, how much in additional loans can ACME Bank make to its other customers? Assume the reserve requirement is 15 percent
Transcribed Image Text:4 Connect Problem CP 35-10 (algo) The belance sheet for the newly formed ACME Bank is shown below. ACME Bank Balance Sheet 1 Liabilities and net worth eBook Assets Checkable deposits Reserves 132,000 127,000 244,000 Reference Property 239,000 Stock shares Instructions: Enter your answers as a whole number. a. Toshi, the owner of Toshi's Produce, has obtained a bank loan of $52,000 to buy a new delivery truck. The amount of the loan will be added to the available balance of Toshi's checking account. What will ACME Bank's balance sheet look like immediately after the loan has been finalized? Fill in the values in the table. ACME Bank Balance Sheet 2 Liabilities and net worth Checkable deposits Assets Reserves Loans Stock shares Property b. Toshi then writes a check from his checking account to purchase the delivery truck from Bob's Motors for the entire amount of the loan, $52,000. Bob's Motors deposits the check in its checking account at XYZ Bank. What will ACME Bank's balance sheet look like after the check has been processed? Fl in the values in the table below. ACME Bank Balance Sheet 3 Liabilities and net worth Checkable deposits Stock shares Assets Reserves Loans Property c After all transactions are complete, how much in additional loans can ACME Bank make to its other customers? Assume the reserve requirement is 15 percent
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