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

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Presentation on theme: "SECTION 4-4 pp. 175-177 Bank Statements."— Presentation transcript:

1 SECTION 4-4 pp Bank Statements

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

3 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.

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

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

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

7 Example 1 Your bank statement shows a previous balance of $ You make deposits of $ and $210.40, and write checks for $ and $ You have a $3.00 service charge and earn $0.25 in interest. What is your present balance?

8 Example 1 Answer Step: Calculate the balance in the account.
Previous + Deposits – Withdrawals – Service + Interest Balance Charges $ ($ $210.40) – ($ $125.50) – $ $0.25 $ $ – $ – $3.00 – $0.25 = $1,426.65

9 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.

10 Example 2 Answer Step: Calculate the balance in the account.
Total Deposits: $ $ = $913.40 Total Withdrawals: $ $ $ $ $42.98 = $554.54 Present = Previous + Deposits – Withdrawals – Service + Interest Balance Balance Charges Present Balance = $ $ – $ = $672.40

11 Practice 1 Vince Murray’s bank statement for May lists deposits of $14.75, $99.22, and $ What are his total deposits for May?

12 Practice 1 Answer $645.15

13 Practice 2 Gina Valerio’s bank statement for April lists withdrawals of $58.17, $19.95, $756.60, $93.28, and $ What are her total withdrawals for the month?

14 Practice 2 Answer $1,034.41

15 END OF SECTION 4-4 Bank Statements


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