These items are scattered, you have to classified these items into the statements according to the norms On 29/12/2019 the National bank recorded these accounts:

Interest on mortgage loans: 2,540,000 $, interest on time deposits 850,000 $ , Net Mortgage loans 7,500,000 , Net commercial loans 4,700,000 , securities $ 2,500,000 , Net consumer loans 2,190,000 $ , provisions for loans losses 150,000 $ , cash at The Central Bank and other banks 5,000,000, taxes 15% , Accounts receivables: $ 1,000,000 , fixed assets: $ 4,000,000 , depreciation: $ 250,000, time deposit: $ 3,000,000, current account: $ 6,200,000, Preferred stocks: $ 3,000,000 , common stocks: 15,000,000 , retained earnings: $ 1,450,000, cash $ 8,250,000, interest on commercial loans $ 3,200,000, interest on consumer loans $ 800,000 , issued bonds $ 3,700,000 , credit commission $ 1,750,000 , non interest expenses $ 1,200,000, savings deposits $ 2,390,00.

Required:

Prepare the following:

1- Prepare the income statement at 31/12/2019.

2- Prepare the balance sheet for the National Bank for the period of 31/12/2019.

3- If you know that the Board of Directors of National Bank decided to make dividends 70% and the rest as retained earnings.

Answer rating: 100% (QA)

Quiz 1 Income Statement For the Year Ended December 31 2019 Interest on mortgage loans 2540000 Inter... View the full answer