NEED HELP GETTING TO ANSWER. I KEEP GETTING \"30150\" AN IT IS INCORRECT 4) Agai

Question

NEED HELP GETTING TO ANSWER. I KEEP GETTING "30150" AN IT IS INCORRECT

4) Again, assuming the balance sheet for Last National Bank as the starting point, Marsha receives her weekly paycheck via direct deposit to her account at LNB. Her paycheck is $1,000. What is the new total reserves?

. Last National Bank . Assets Liabilities and Capital . Required Reserves $30,000 Checkable Deposits $200,000 . Excess Reserves $0 Net Capital $10,000 . Loans ? . Total reserves: . Required Reserve Ratio: . . . . The River Bank
(marketing slogan: “we specialize in liquidity”) . Assets Liabilities and Capital . Deposits at The Fed $40,000 Checkable Deposits $500,000 . Cash on Hand (Vault cash) $10,000 Securities Sold/Issued $10,000 . Securities Owned $150,000 Net Capital $10,000 . Loans $300,000 . Other Long-term Assets $20,000 . Total Reserves On Hand: . Required Reserves: . Excess Reserves:

Explanation / Answer

Question 4

At present,

Total reserves at Last National Bank is $30,000.

Now, a paycheck of $1,000 has been deposited into the Last National Bank.

This deposit of check will increase the Checkable deposit is $1,000 and the total reserves by $1,000 as well.

So,

New total reserves = Current total reserves + New deposit = $30,000 + $1,000 = $31,000

The new total reserves is $31,000.

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