Malcolm has several receipts from recent transactions that he entered in his records. the receipts include an atm receipt for an $80.00 deposit, a grocery store receipt for $25.50, and a paycheck deposit slip for $650.00 when he finishes entering his transactions, malcolm realizes that his balance is incorrect. assuming that malcolm had no beginning balance, what should his correct balance be?
You add the 2 deposits together then you subtract the receipt into the answer of the 2 deposits and there you go.
730 - 25.50 for groceries = 704.50
Malcolm has $650.00 from his payment. The case says that he has an ATM receipt for an $80.00 deposit. This means that the money entered to his account. So, it should be added to the paycheck deposit he has:
Then, it says that he has a grocery store receipt for $25.50. This means that he made a purchase and this amount should be subtracted from the balance:
Malcolm's correct balance should be $ 704.50
1. Define incomes and expenditures
Incomes: ATM receipt for $80.00 deposit and a paycheck deposit slip for $650.00.
Expenditures: Grocery store receipt for $ 25.5.
2. Add incomes and expenditures respectively
Incomes: $80.00 + $ 650.00
Incomes: $ 730.00
Expenditures: $ 25.5
3. Determine Malcom balance subtracting expenditures from incomes
Balance= Incomes - Expenditures
Balance= $ 730.00 - $ 25.5
Balance= $ 704.50
The answer is: B) $704.50
The ATM deposit and the paycheck deposit increase the account balance, while the grocery store receipt decreases the account balance.
Malcolm's initial account balance was $0
The ATM deposit adds $80
The grocery store receipt deducts ($25.50)
The paycheck deposit adds $650
Account balance $704.50
$0.00 + $80.00 = $80.00
After the grocery store:
$80.00 - $25.50 = $54.50
After the paycheck deposit:
$54.50 + $650.00 = $704.50 total balance.
have a good day :)