Solved on Mar 01, 2024

Reconcile a checking account with the following: Bank Statement Balance = $\$ 750$ , Outstanding Deposits: $\$ 50, \$ 250$ , Outstanding Checks: $\$ 10, \$ 25, \$ 100$ . What is the new balance?

STEP 1

Assumptions
1. The bank statement balance is $750.<br />2. There are outstanding deposits of$ 50 and $250.<br />3. There are outstanding checks of$ 10, $25, and$ 100.
4. The new balance is calculated by adjusting the statement balance with the outstanding deposits and checks.

STEP 2

First, we need to calculate the total outstanding deposits by adding them together.
$Total\, outstanding\, deposits = Outstanding\, deposit_1 + Outstanding\, deposit_2$

STEP 3

Now, plug in the given values for the outstanding deposits to calculate the total outstanding deposits.
$Total\, outstanding\, deposits = \$50 + \$250$

STEP 4

Calculate the total outstanding deposits.
$Total\, outstanding\, deposits = \$50 + \$250 = \$300$

STEP 5

Next, we need to calculate the total outstanding checks by adding them together.
$Total\, outstanding\, checks = Outstanding\, check_1 + Outstanding\, check_2 + Outstanding\, check_3$

STEP 6

Now, plug in the given values for the outstanding checks to calculate the total outstanding checks.
$Total\, outstanding\, checks = \$10 + \$25 + \$100$

STEP 7

Calculate the total outstanding checks.
$Total\, outstanding\, checks = \$10 + \$25 + \$100 = \$135$

STEP 8

To reconcile the checking account, we need to add the total outstanding deposits to the bank statement balance and then subtract the total outstanding checks.
$New\, balance = Bank\, statement\, balance + Total\, outstanding\, deposits - Total\, outstanding\, checks$

STEP 9

Plug in the values for the bank statement balance, total outstanding deposits, and total outstanding checks to calculate the new balance.
$New\, balance = \$750 + \$300 - \$135$

STEP 10

Calculate the new balance.
$New\, balance = \$750 + \$300 - \$135 = \$915$
The new balance after reconciling the checking account is $915.

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Reconcile a checking account with the following: Bank Statement Balance = $\$ 750$ , Outstanding Deposits: $\$ 50, \$ 250$ , Outstanding Checks: $\$ 10, \$ 25, \$ 100$ . What is the new balance?

STEP 1

Assumptions
1. The bank statement balance is $750.<br />2. There are outstanding deposits of$ 50 and $250.<br />3. There are outstanding checks of$ 10, $25, and$ 100.
4. The new balance is calculated by adjusting the statement balance with the outstanding deposits and checks.

STEP 2

First, we need to calculate the total outstanding deposits by adding them together.
$Total\, outstanding\, deposits = Outstanding\, deposit_1 + Outstanding\, deposit_2$

STEP 3

Now, plug in the given values for the outstanding deposits to calculate the total outstanding deposits.
$Total\, outstanding\, deposits = \$50 + \$250$

STEP 4

Calculate the total outstanding deposits.
$Total\, outstanding\, deposits = \$50 + \$250 = \$300$

STEP 5

Next, we need to calculate the total outstanding checks by adding them together.
$Total\, outstanding\, checks = Outstanding\, check_1 + Outstanding\, check_2 + Outstanding\, check_3$

STEP 6

Now, plug in the given values for the outstanding checks to calculate the total outstanding checks.
$Total\, outstanding\, checks = \$10 + \$25 + \$100$

STEP 7

Calculate the total outstanding checks.
$Total\, outstanding\, checks = \$10 + \$25 + \$100 = \$135$

STEP 8

To reconcile the checking account, we need to add the total outstanding deposits to the bank statement balance and then subtract the total outstanding checks.
$New\, balance = Bank\, statement\, balance + Total\, outstanding\, deposits - Total\, outstanding\, checks$

STEP 9

Plug in the values for the bank statement balance, total outstanding deposits, and total outstanding checks to calculate the new balance.
$New\, balance = \$750 + \$300 - \$135$

STEP 10

Calculate the new balance.
$New\, balance = \$750 + \$300 - \$135 = \$915$
The new balance after reconciling the checking account is $915.

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Reconcile a checking account with the following: Bank Statement Balance = $750\$ 750$750, Outstanding Deposits: $50,$250\$ 50, \$ 250$50,$250, Outstanding Checks: $10,$25,$100\$ 10, \$ 25, \$ 100$10,$25,$100. What is the new balance?

STEP 1

STEP 2

STEP 3

Now, plug in the given values for the outstanding deposits to calculate the total outstanding deposits.Total outstanding deposits=$50+$250Total\, outstanding\, deposits = \$50 + \$250Totaloutstandingdeposits=$50+$250

STEP 4

Calculate the total outstanding deposits.Total outstanding deposits=$50+$250=$300Total\, outstanding\, deposits = \$50 + \$250 = \$300Totaloutstandingdeposits=$50+$250=$300

STEP 5

STEP 6

Now, plug in the given values for the outstanding checks to calculate the total outstanding checks.Total outstanding checks=$10+$25+$100Total\, outstanding\, checks = \$10 + \$25 + \$100Totaloutstandingchecks=$10+$25+$100

STEP 7

Calculate the total outstanding checks.Total outstanding checks=$10+$25+$100=$135Total\, outstanding\, checks = \$10 + \$25 + \$100 = \$135Totaloutstandingchecks=$10+$25+$100=$135

STEP 8

STEP 9

Plug in the values for the bank statement balance, total outstanding deposits, and total outstanding checks to calculate the new balance.New balance=$750+$300−$135New\, balance = \$750 + \$300 - \$135Newbalance=$750+$300−$135

STEP 10

Calculate the new balance.New balance=$750+$300−$135=$915New\, balance = \$750 + \$300 - \$135 = \$915Newbalance=$750+$300−$135=$915The new balance after reconciling the checking account is $915.

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Download Studdy AI Tutor now. Learn with ease and get all help you need to be successful at school.

Reconcile a checking account with the following: Bank Statement Balance = $\$ 750$ , Outstanding Deposits: $\$ 50, \$ 250$ , Outstanding Checks: $\$ 10, \$ 25, \$ 100$ . What is the new balance?

Now, plug in the given values for the outstanding deposits to calculate the total outstanding deposits.
$Total\, outstanding\, deposits = \$50 + \$250$

Calculate the total outstanding deposits.
$Total\, outstanding\, deposits = \$50 + \$250 = \$300$

Now, plug in the given values for the outstanding checks to calculate the total outstanding checks.
$Total\, outstanding\, checks = \$10 + \$25 + \$100$

Calculate the total outstanding checks.
$Total\, outstanding\, checks = \$10 + \$25 + \$100 = \$135$

Plug in the values for the bank statement balance, total outstanding deposits, and total outstanding checks to calculate the new balance.
$New\, balance = \$750 + \$300 - \$135$

Calculate the new balance.
$New\, balance = \$750 + \$300 - \$135 = \$915$
The new balance after reconciling the checking account is $915.