15
Bank Statements pp. 175-177 4- 4 SECTION
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Bank Statements pp. 175-1774-4SECTIONSECTION
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Section ObjectiveSection ObjectiveCalculate:
• the present balance on a checking account bank statement
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bank statement (p. 175)
A statement from your bank that lists all the checks that have cleared, including, automatic transfers, ATM transactions, and deposits.
Key Words to KnowKey Words to Know
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service charge (p. 175)
A fee charged for services rendered by your bank.
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Present = Previous + Deposits – Withdrawals – Service + InterestBalance Balance Charges
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What are the penalties for being overdrawn?
Fleet Footed Finances p. 175Fleet Footed Finances p. 175
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Your bank statement shows a previous balance of $944.50. You make deposits of $755.50 and $210.40, and write checks for $355.50 and $125.50. You have a $3.00 service charge and earn $0.25 in interest.
What is your present balance?
Example 1Example 1
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Step: Calculate the balance in the account.
Previous + Deposits – Withdrawals – Service + InterestBalance Charges
$944.50 + ($755.50 + $210.40) – ($355.50 + $125.50) – $3.00 + $0.25
$944.50 + $965.90 – $481.00 – $3.00 – $0.25 = $1,426.65
Example 1 AnswerExample 1 Answer
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Margaret Miller received her bank statement and cancelled checks for March. She checks her statement, shown on page 176 of your textbook.
Verify her present balance.
Example 2Example 2
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Step: Calculate the balance in the account.
Total Deposits: $240.32 + $673.08 = $913.40
Total Withdrawals: $45.78 + $137.42 + $275.81 + $52.55 + $42.98 = $554.54
Present = Previous + Deposits – Withdrawals – Service + InterestBalance Balance Charges
Present Balance = $313.54 + $913.40 – $554.54 = $672.40
Example 2 AnswerExample 2 Answer
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Vince Murray’s bank statement for May lists deposits of $14.75, $99.22, and $531.18.
What are his total deposits for May?
Practice 1Practice 1
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$645.15
Practice 1 AnswerPractice 1 Answer
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Gina Valerio’s bank statement for April lists withdrawals of $58.17, $19.95, $756.60, $93.28, and $106.41.
What are her total withdrawals for the month?
Practice 2Practice 2
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$1,034.41
Practice 2 AnswerPractice 2 Answer
Bank Statements4-4END OF SECTIONEND OF SECTION
