554968 ÷ 16 
We're looking to find how many times 16 goes into 554968.

Let's proceed to step 1:
When dividing 5 by 16, we get 0 with a remainder of 5.
The number 0 becomes the next digit in our result. 
Result so far: 0.0
If we subtract 0 from 5, we get 5.
Include the next digit (5) from the dividend after 5, then repeat: 55 / 16

Advancing to step 2:
If we divide 55 by 16, we get 3 and a remainder of 7.
The next digit of our result is 3. 
Result so far: 3.0
Deduct 48 from 55 and we're left with 7.
Fetch the next digit (4) from the dividend, attach it to 7 and continue: 74 / 16

On to step 3:
16 can be fit into 74 4 times, resulting in a remainder of 10.
Put 4 as the next digit of the answer. 
Result so far: 34.0
Subtract 64 from 74 to get 10.
Append the next digit (9) from the dividend to 10 and continue with: 109 / 16

Let's proceed to step 4:
109 divided by 16 is 6 with a remainder of 13.
Use 6 as the next digit of our solution. 
Result so far: 346.0
The remainder is 13 after subtracting 96 from 109.
Bring next digit (6) of the dividend behind the 13 and repeat the process: 136 / 16

On to step 5:
If we divide 136 by 16, we get 8 and a remainder of 8.
Put 8 as the next digit of the answer. 
Result so far: 3468.0
Subtracting 128 from 136 leaves us with 8.
Take the next digit (8) from the dividend and append it to 8, then repeat: 88 / 16

Step 6:
If we divide 88 by 16, we get 5 and a remainder of 8.
Use 5 as the next digit of our solution. 
Result so far: 34685.0
Subtracting 80 from 88 leaves us with 8.
Since there are no more digits in the dividend, we add a zero to the remainder making it 80, and continue the process.

Let's proceed to step 7:
80 divided by 16 is 5 with a remainder of 0.
The next digit of our result is 5. 
Result so far: 34685.5
Subtracting 80 from 80 leaves us with 0.
Since there are no more digits in the dividend, we add a zero to the remainder making it 0, and continue the process.

Let's proceed to step 8:
When dividing 0 by 16, we get 0 with a remainder of 0.
The next digit of our result is 0. 
Result so far: 34685.5
If we take 0 away from 0, we end up with 0.
Since there are no more digits in the dividend, we add a zero to the remainder making it 0, and continue the process.

Going ahead to step 9:
0 divided by 16 is 0 with a remainder of 0.
Write down 0 as next digit of the result. 
Result so far: 34685.5
Subtract 0 from 0 to get 0.
Since there are no more digits in the dividend, we add a zero to the remainder making it 0, and continue the process.

In conclusion, the division gives 34685.5 with a balance of 0.0.