12503 ÷ 48 
We want to figure out the number of times 12503 can be divided by 48.

Step 1:
When dividing 1 by 48, we get 0 with a remainder of 1.
Put 0 as the next digit of the answer. 
Result so far: 0.0
Subtract 0 from 1 to get 1.
Grab the next digit (2) from the dividend, add it to 1, then carry on: 12 / 48

Advancing to step 2:
If we divide 12 by 48, we get 0 and a remainder of 12.
Write down 0 as next digit of the result. 
Result so far: 0.0
Deduct 0 from 12 and we're left with 12.
Fetch the next digit (5) from the dividend, attach it to 12 and continue: 125 / 48

Let's proceed to step 3:
If we divide 125 by 48, we get 2 and a remainder of 29.
Write down 2 as next digit of the result. 
Result so far: 2.0
The remainder is 29 after subtracting 96 from 125.
Include the next digit (0) from the dividend after 29, then repeat: 290 / 48

On to step 4:
If we divide 290 by 48, we get 6 and a remainder of 2.
The number 6 becomes the next digit in our result. 
Result so far: 26.0
Subtracting 288 from 290 leaves us with 2.
Bring next digit (3) of the dividend behind the 2 and repeat the process: 23 / 48

Step 5:
48 can be fit into 23 0 times, resulting in a remainder of 23.
Record the quotient 0 as the next digit in the result. 
Result so far: 260.0
The remainder is 23 after subtracting 0 from 23.
Since there are no more digits in the dividend, we add a zero to the remainder making it 230, and continue the process.

Moving on to step 6:
230 divided by 48 is 4 with a remainder of 38.
Use 4 as the next digit of our solution. 
Result so far: 260.4
Subtracting 192 from 230 leaves us with 38.
Since there are no more digits in the dividend, we add a zero to the remainder making it 380, and continue the process.

Advancing to step 7:
If we divide 380 by 48, we get 7 and a remainder of 44.
Write down 7 as next digit of the result. 
Result so far: 260.47
Deduct 336 from 380 and we're left with 44.
Since there are no more digits in the dividend, we add a zero to the remainder making it 440, and continue the process.

Advancing to step 8:
440 divided by 48 is 9 with a remainder of 8.
Record the quotient 9 as the next digit in the result. 
Result so far: 260.479
Subtract 432 from 440 to get 8.
Since there are no more digits in the dividend, we add a zero to the remainder making it 80, and continue the process.

On to step 9:
When dividing 80 by 48, we get 1 with a remainder of 32.
Use 1 as the next digit of our solution. 
Result so far: 260.4791
Subtracting 48 from 80 leaves us with 32.
Since there are no more digits in the dividend, we add a zero to the remainder making it 320, and continue the process.

Step 10:
If we divide 320 by 48, we get 6 and a remainder of 32.
Record the quotient 6 as the next digit in the result. 
Result so far: 260.47916
Subtract 288 from 320 to get 32.
Since there are no more digits in the dividend, we add a zero to the remainder making it 320, and continue the process.

Let's proceed to step 11:
When dividing 320 by 48, we get 6 with a remainder of 32.
The number 6 becomes the next digit in our result. 
Result so far: 260.479166
Subtracting 288 from 320 leaves us with 32.
Since there are no more digits in the dividend, we add a zero to the remainder making it 320, and continue the process.

The final outcome is 260.479166, with a leftover of 3.2e-06.