How is a wallet's balance computed?

How is a wallet's balance computed?

I am wondering on how a wallet's balance is computed. Basically, from what I've read I assume that you look back at all transactions involving all the keypairs of a given wallet. Adding up all the transactions' balances (negating a transaction balance when the transaction was outbound) should match the wallet's balance, right?

A) Is there Python code available that computes a given wallet's balance? I am not looking for a complete wallet software, just a minimalistic (academic) Python code example.

B) If using a web service, e.g. http://ift.tt/2n2cBaK, how do I derive the address $addr to query from a given wallet? Any Python code?

http://ift.tt/2zBftRR

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