Ask Question
20 November, 12:46

What is the mathematical formula that you would use to describe a financial activity on a bank statement? Explain your response to your option of choice, included.

a. Ending Balance = Previous Balance + Deposits + Withdrawals

b. Ending Balance = Previous Balance - Deposits + Withdrawals

c. Ending Balance = Previous Balance + Deposits - Withdrawals

d. Ending Balance = Previous Balance - Deposits - Withdrawals

+1
Answers (1)
  1. 20 November, 13:03
    0
    c. Ending Balance = Previous Balance + Deposits - Withdrawals

    Explanation:

    Deposits are every cash transaction that increase your bank balance, and withdrawals are expenses that decrease your bank balance. Hence the closing / ending balance any day would be the difference of deposits and withdrawals, with opening balance in summation.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “What is the mathematical formula that you would use to describe a financial activity on a bank statement? Explain your response to your ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers