Wednesday, February 10, 2010

What is the true balance of your checking account question?

Based on the following information, determine the true balance in your checking account.





Balance in your checkbook, $356


Balance on bank statement, $472


Service charge and other fees, $15


Interest earned on the account, $4


Total of outstanding checks, $187


Deposits in transit, $60





I was thinking it was $98, or just a trick question and its $356. Plz help. thank youWhat is the true balance of your checking account question?
Two ways to get to $345





1) Bank Statement - Outstanding Checks + Deposit in Transit = Total


$472 - $187 + $60 = $345





The bank has already taken the fees and interest into account.





2) Checkbook Balance - Fees + Interest Earned = Total


$356 - $15 + $4 = $345





Your check book already took the outstanding checks and deposit into account.

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