As of December 31, 2010, the Assets Listed on the Balance

question 100

Multiple Choice

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?

• A)$1 million
• B)$4.5 million
• C)$5 million
• D)$14 million
• E)Zero

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Definitions:

Mg

The chemical symbol for magnesium, a shiny gray solid that has the atomic number 12 and is an essential element for living cells.

Arsenic

A toxic metalloid with the symbol As, known for its various allotropes and compounds, many of which are potent poisons.

Poison

Any substance that, when introduced into or absorbed by a living organism, causes death or harm by its chemical action.

Ground Water

Water that is held underground in the soil or in pores and crevices in rock.