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As of December 31, 2010, the assets listed on the balance sheet of Bank A were: $1.5 million in cash reserves, and $6 million in outstanding loans to its customers. Its liabilities totaled $6.5 million in checking deposits. What was the bank's net worth on that date?

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TomShelby

Answer:

net worth: 1.0 millions

Explanation:

the net worth of a bank is the result of subtracting the liabilities from his total assets:

Total Assets: 7.5 million (1.5 cahs + 6.0 note receivables)

Total Liabilities: 6.5 millions

net worth: 7.5 assets - 6.5 liabilities = 1.0 millions

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