The first step in rounding is to identify the place value of the digit to be rounded When you are reconciling a bank statement it s recommended that you do the following Record deposits outstanding List your balance Record checks outstanding List your bank statements balance The process of analyzing the differences between the bank statement balance and the checkbook balance is Bank Reconciliation Melvin Small typed 485 business letters The cost of writing these letters was estimated to be 3 455 25 What was the average cost of a letter to the nearest cent 7 12 A proper fraction is when the numerator is greater than the denominator The price of a new Apple iPod has increased by 1 4 If the original price of the Apple was 200 what is the price today Determine what 1 4 of 200 is 50 Add the 50 to 200 to get 250 250 At Best Buy a flat screen television with a regular price of 1 790 was reduced by 395 Assuming 800 customers purchased the television what were the total sales to Best Buy Subtract 395 from 1 790 then multiply by 800 customers 1 116 000 1 116 000 A J Ryan bought 500 shares of Google at 364 55 per share Assuming no commission what did Ryan spend Multiply the number of shares by the price of the share 182 275 Which of the following results in crediting the checkbook balance Interest earned Overdraft protection charge Service charge NSF None ot these Interest earned The payee is the person to whom the check is payable Outstanding checks Have not been received by the bank for processing If Jan sells 2 500 glow sticks on the Fourth of July at 1 99 each what will her total profit be if each stick cost her 88 2 775 Cartons of humidifiers are stocked in 25 500 sq ft of warehouse space at Home Depot If each carton requires 4 1 4 sq ft of space how many cartons can be stored in this space Divide the total square footage by 4 1 4 6 000 Crediting an account by the bank means a to that account Increase Lester Moy bought two new Michelin Tires for his car at 99 55 per tire He was also charged 4 95 per tire for mounting 2 65 per tire for valves and 3 99 per tire for balancing What was Lester s final bill Multiply the price of the tire by 2 and add the other repair costs 222 28 Jane Co s checkbook currently has a balance of 295 10 The bank statement shows a balance of 205 10 The statement revealed interest income of 10 03 along with check charges of 2 95 Jane recorded a 200 check as 150 Deposits in transit were 402 80 Check numbers 85 88 and 92 for 90 80 108 10 and 156 82 were not returned with the statement The reconciled balance is 295 10 10 03 2 95 50 252 18 205 10 402 80 90 80 108 10 156 82 252 18 252 18 Last week Alice Roe earned wages of 459 82 Payroll deductions included Social Security for 33 19 and federal income tax of 82 91 What is Alice s net pay Subtract the Social Security and federal income tax amounts from the wages of 459 82 343 72 Jane Ring cut a 6 ft Subway sandwich into 1 1 2 ft sandwiches How many sandwiches can be cut from the 6 ft sub Divide 6 by 1 1 2 or 3 2 This is the same as multiplying 6 by 2 3 6 times 2 3 equals 12 3 which reduces to 4 4 4 4 In adding 4 5 18 100 the least common denominator is With common denominators you need to add only the numerators 100 True or False Fractions should never be reduced to their lowest terms False Janet Woo received the following grades in an accounting class at McLennan Community College 65 80 70 100 75 and 90 The instructor said he would drop the lowest grade What is Janet s average Add the five largest values and divide that sum by 5 83 True or False Timing plays no role in differences between reconciling checkbook balances and bank balances False 13 2 converted to a mixed number is 6 1 2 The use of smartphones in banking is decreasing False True or False Commas separate every three digits from left to right False True or False The greatest common divisor and the least common denominator are really the same False True or False A mixed number is a whole number and a proper fraction True True or False A proper fraction is converted to a decimal equivalent by dividing the denominator into the numerator True Mia Wong s checking account had a balance of 3 100 55 on July 1 After looking at her bank statement she noticed an NSF for 60 50 a service charge of 12 55 and a note collected for 600 There was one deposit in transit for 400 and no checks outstanding What is the reconciled checkbook balance 3 100 55 60 5 12 55 600 3 627 50 3 627 50 Subtracting 766 from 941 results in a difference of 175 True or False Rounding all the way means there are two nonzero digits left False 9 432 written in verbal is nine thousand four hundred thirty two 37 855 rounded to the nearest thousand is 38 000 Round all the way 2 689 3 000 True or False 04 is 4 tenths The second place to the right of the decimal is the hundredths place False In the number 49 869 there are how many tens Look at the second position from the right 6 True or False The rules of rounding are completely different for decimals compared to whole numbers Rounding numbers and rounding decimals are the same based on the digit to the right of the identified digit being greater than or equal to 5 False 4 5 6 5 equals With common denominators you need to add only the numerators 2 Adding 1 690 88 410 30 results in a sum of 2 218