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A bank statement is shown. Fill in the gaps to complete the sentence below. This bank statement shows a profit / loss of £ square Description & Money in & Money out Sales - Monday & £ 360.00 & Staff wages & & £ 520.00 Sales - Tuesday & £ 295.00 & Supplies - office equipment & & £ 70.00 Sales - Wednesday & £ 415.00 & Rent for office space & & £ 400.00 Customer refund & & £ 150.00

Question

A bank statement is shown.
Fill in the gaps to complete the sentence below.
This bank statement shows a profit / loss of £ square 

 Description & Money in & Money out 
 Sales - Monday & £ 360.00 & 
 Staff wages & & £ 520.00 
 Sales - Tuesday & £ 295.00 & 
 Supplies - office equipment & & £ 70.00 
 Sales - Wednesday & £ 415.00 & 
 Rent for office space & & £ 400.00 
 Customer refund & & £ 150.00

A bank statement is shown. Fill in the gaps to complete the sentence below. This bank statement shows a profit / loss of £ square Description & Money in & Money out Sales - Monday & £ 360.00 & Staff wages & & £ 520.00 Sales - Tuesday & £ 295.00 & Supplies - office equipment & & £ 70.00 Sales - Wednesday & £ 415.00 & Rent for office space & & £ 400.00 Customer refund & & £ 150.00

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WinifredProfessional · Tutor for 6 years

Answer

The bank statement shows a loss protocol of £70.

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## Step1:<br />To solve for the final bank statement, we must add all of the earning (credit) and then subtract all of the costs (debits). The "Money in" column documents the incoming money deemed as profit, while the "Money out" column signifies money loss in terms of expenses.<br /><br />## Step2:<br />We first add the profits (money in), <br />\(£360, £295\) and \(£415\). <br /><br />This totals the "money in" which equates to<br />\( £360 + £295 + £415 = £1070 \).<br /><br />## Step3:<br />Following, the addition of all expenditures also called 'money out': \( £520, £70, £400 \) and \( £150 \).<br /><br />Therefore, the total for 'money out' is <br /><br />\( £520 + £70 + £400 + £150 = £1140 \).<br /><br />## Step4:<br />Finally, to find if the bank statement shows a profit or a loss, we subtract the total 'money out' from the total 'money in'. This would provide us with<br /><br />\( one final balance: £1070-£1140=-£70 \)<br /><br />The presence of a negative sign here suggests that the amount represents a loss.<br /><br />#
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