Arrange the following items into an income statement. Label each item, place it in the appropriate category, and determine the bank’s bottom-line net income.
a. Interest paid on time deposits under $100,000: $78,002
b. Interest paid on jumbo CDs: $101,000
c. Interest received on U.S. Treasury and agency securities: $44,500
d. Fees received on mortgage originations: $23,000
e. Dividends paid to stockholders of $0.50 per share for 5,000 shares
f. Provisions for loan losses: $18,000
g. Interest and fees on loans: $189,700
h. Interest paid on interest checking accounts: $33,500
i. Interest received on municipal bonds: $60,000
j. Employee salaries and benefits: $145,000
k. Purchase of a new computer system: $50,000
l. Service charge receipts from customer accounts: $41,000
m.Occupancy expense for bank building: $22,000
n. Taxes of 34 percent of taxable income are paid
o. Trust department income equals: $15,000
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