SECTION 4-4 pp. 175-177 Bank Statements.

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SECTION 4-4 pp. 175-177 Bank Statements

Section Objective Calculate: the present balance on a checking account bank statement

Key Words to Know 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 Know service charge (p. 175) A fee charged for services rendered by your bank.

Formula Present = Previous + Deposits – Withdrawals – Service + Interest Balance Balance Charges

Fleet Footed Finances p. 175 What are the penalties for being overdrawn?

Example 1 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 1 Answer Step: Calculate the balance in the account. Previous + Deposits – Withdrawals – Service + Interest Balance 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 2 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 2 Answer 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 + Interest Balance Balance Charges Present Balance = $313.54 + $913.40 – $554.54 = $672.40

Practice 1 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 1 Answer $645.15

Practice 2 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 2 Answer $1,034.41

END OF SECTION 4-4 Bank Statements