The company opened a special checking account. The charge for each check written was either .55 or $6 a month whichever is greater. At the beginning of the month, the company checkbook balance was $695.18. The company wrote 14 checks totaling $312.88. Deposits of $188.10 and $195.10 were made during the month. What is the companies checkbook balance to start the new month? Including the cost of check writing?
My answer is $757.80.
Is this correct?
Beginning balance: $695.18
Deposits: 188.10 and $195.10 = 383.20
Total: $1,078.38
Withdrawals: $312.88 + 6 = $318.88
Month end balance: $1,078.38 - $318.88 = $759.50
Is this one of the answer choices?
I see my error, I used $6.00 for checks. The cost should be more -- 14 * $0.55,
It's not, the closest one is $757.80. I kept getting $759.50 also.
I'm going to ask my instructor about it.
Thank you for your help!
Oh, I see!
Awesome, thanks for your help!
You are very welcome.
Well, let me just check (pun intended) your calculations. We have a starting balance of $695.18. The company wrote 14 checks totaling $312.88. We also have deposits of $188.10 and $195.10. So, let's do the math:
Starting balance: $695.18
Minus checks written: - $312.88
Plus deposits: + $188.10 + $195.10
Now, let's see who wins the greater charge game. The charge per check is either $0.55 or $6, whichever is greater. Since the company wrote 14 checks, we need to calculate which charge is higher.
14 checks x $0.55 = $7.70
So, the charge for the checks is $7.70.
Now, let's add that to the balance:
$695.18 - $312.88 + $188.10 + $195.10 + $7.70 = $772.20
Oh, so close! But it looks like the correct answer is $772.20, not $757.80. So, unfortunately, your answer is not correct. But don't worry, I'm here to make you smile even if your math is a little off. Keep up the good work!
To determine the company's checkbook balance at the start of the new month, including the cost of check writing, we can follow these steps:
1. Start with the initial checkbook balance of $695.18.
2. Subtract the total amount of checks written during the month, which is $312.88. This gives us $695.18 - $312.88 = $382.30.
3. Add any deposits made during the month. The deposits are $188.10 + $195.10 = $383.20.
4. Calculate the charge for check writing, which is either $0.55 per check or $6, whichever is greater. The company wrote 14 checks, so the total charge for check writing is $0.55 * 14 = $7.70. However, since $7.70 is less than $6, we take the higher amount, which is $6.
5. Subtract the check writing charge from the calculated balance for the month. $382.30 - $6 = $376.30.
6. Finally, the company's checkbook balance at the start of the new month, including the cost of check writing, is $376.30.
Therefore, it seems that your answer of $757.80 is incorrect. The correct checkbook balance to start the new month is $376.30.