Please answer .I trust Bartleby STATE FARM Company supplies components to auto repair shops. These shops send their checks via remittance firms.On the average, STATE FARM receives the checks 2 days after the shops mail them, it processes the checks for 2 days,and then subsequent deposited to its local bank, where it will clear after 24 hours. The average daily collections: P40,000.REQUIRED:a. How much is the average daily collection float?b. If cash can be readily invested in instruments earning 5%, how much is the daily cost of the float?c. If STATE FARM can reduce the processing time of its checks by a day, and deposit it immediately, how much can itsave in a year?

a. How much is the average daily collection float? b. If cash can be readily invested in instruments earning 5%, how much is the daily cost of the float? c. If STATE FARM can reduce the processing time of its checks by a day, and deposit it immediately, how much can it save in a year?

a. How much is the average daily collection float? b. If cash can be readily invested in instruments earning 5%, how much is the daily cost of the float? c. If STATE FARM can reduce the processing time of its checks by a day, and deposit it immediately, how much can it save in a year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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