Final answer:
A balance sheet is a financial statement that shows the assets, liabilities, and equity of a company. Singleton Bank's assets include reserves and loans, while its liabilities include deposits. The bank's net worth cannot be calculated without the equity information.
Step-by-step explanation:
A balance sheet is an important financial statement that shows the assets, liabilities, and equity of a company at a specific point in time. In this case, we are looking at the balance sheet of Singleton Bank.
The assets of Singleton Bank after the change in business plan include $1 million in reserves and a $9 million loan to Hank's Auto Supply. The bank still has $10 million in deposits.
The liabilities of Singleton Bank include the deposits made by customers, which in this case is $10 million. And the equity is not provided in the given information.
To calculate the net worth of the bank, we need to subtract the liabilities from the assets. In this case, the net worth is the equity. However, since the equity is not given, we cannot calculate the net worth.