The ending balance for January 2018 was $1056.37
Step-by-step explanation:
Step 1; Whenever you make a payment, make a cash withdrawal, a payment through debit card or an automatic payment the money in your account decreases as you're giving your money to someone else. So the amount of money spent or taken is reduced from the balance in your account.
Whenever you get your paycheck or make a deposit the money you have in your account increases. So the amount of money put in or the money you are paid is added with the balance you have in your account.
Step 2; Total deposits mean all the money that was added into your account. In this month's summary, the individual didn't deposit any money into their account but did get paid twice. They got paid their paycheck twice. The amount paid was $645.30. So total amount deposited was 2 * $645.30= $1290.60.
Step 3; Total withdrawals were all the payments you made to someone else. In the month of January payments were; $ 158.25 to the plumber, $168.36 for the car payment, $157.42 for the cable bill and $148.46 for the phone bill. All these amounts were deducted from the account balance.
Step 4; So this is how to calculate the final balance.
$398.26 was the initial balance, $ 158.25 to the plumber, $168.36 for the car payment, $157.42 for the cable bill, $645.30 was paid through a paycheck, $148.46 for the phone bill and another $645.30 was another paycheck.
So the balance was = $398.26 - $158.25 - $168.36 - $157.42 + $645.30 - $148.46 + $645.30 = $1,056.37
