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Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Assets Balance Sheet (in thousands) Cash and due from banks Investment securities Repurchase agreements Loans less allowance for losses Fixed assets Other earning assets Liabilities and Equity Total assets Demand deposits NOW accounts Retail CDs Total liabilities Common stock Subordinated debentures Paid-in capital surplus Retained earnings Rate Earned (%) $ 7,700 0 39,000 7 29,000 5 97,000 9 27,000 5,000 0 8 $ 204,700 Rate Paid (%) $ 15,000 86,000 0 4 35,000 6 31,000 7 167,000 20,000 4,700 13,000 Total liabilities and equity $ 204,700 If the bank earns $137,000 in noninterest income, incurs $97,000 in noninterest expenses, and pays $2,670,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income

Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Assets Balance Sheet (in thousands) Cash and due from banks Investment securities Repurchase agreements Loans less allowance for losses Fixed assets Other earning assets Liabilities and Equity Total assets Demand deposits NOW accounts Retail CDs Total liabilities Common stock Subordinated debentures Paid-in capital surplus Retained earnings Rate Earned (%) $ 7,700 0 39,000 7 29,000 5 97,000 9 27,000 5,000 0 8 $ 204,700 Rate Paid (%) $ 15,000 86,000 0 4 35,000 6 31,000 7 167,000 20,000 4,700 13,000 Total liabilities and equity $ 204,700 If the bank earns $137,000 in noninterest income, incurs $97,000 in noninterest expenses, and pays $2,670,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 13GI
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Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Assets Balance Sheet (in thousands) Cash and due from banks Investment securities Repurchase agreements Loans less allowance for losses Fixed assets Other earning assets Liabilities and Equity Total assets Demand deposits NOW accounts Retail CDs Total liabilities Common stock Subordinated debentures Paid-in capital surplus Retained earnings Rate Earned (%) $ 7,700 0 39,000 7 29,000 5 97,000 9 27,000 5,000 0 8 $ 204,700 Rate Paid (%) $ 15,000 86,000 0 4 35,000 6 31,000 7 167,000 20,000 4,700 13,000 Total liabilities and equity $ 204,700 If the bank earns $137,000 in noninterest income, incurs $97,000 in noninterest expenses, and pays $2,670,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income
Transcribed Image Text:Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Assets Balance Sheet (in thousands) Cash and due from banks Investment securities Repurchase agreements Loans less allowance for losses Fixed assets Other earning assets Liabilities and Equity Total assets Demand deposits NOW accounts Retail CDs Total liabilities Common stock Subordinated debentures Paid-in capital surplus Retained earnings Rate Earned (%) $ 7,700 0 39,000 7 29,000 5 97,000 9 27,000 5,000 0 8 $ 204,700 Rate Paid (%) $ 15,000 86,000 0 4 35,000 6 31,000 7 167,000 20,000 4,700 13,000 Total liabilities and equity $ 204,700 If the bank earns $137,000 in noninterest income, incurs $97,000 in noninterest expenses, and pays $2,670,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income
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