n a typical day, a company writes 51 checks worth a total of $8,920 that clear in 3.75 days. The company also coll 0,090 that clear in 3.25 days. Is this a collection or disbursement float? What is the amount of the float?
n a typical day, a company writes 51 checks worth a total of $8,920 that clear in 3.75 days. The company also coll 0,090 that clear in 3.25 days. Is this a collection or disbursement float? What is the amount of the float?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![On a typical day, a company writes 51 checks worth a total of $8,920 that clear in 3.75 days. The company also collects 63 checks worth a total of
$10,090 that clear in 3.25 days. Is this a collection or disbursement float? What is the amount of the float?
Multiple Choice
A disbursement float of $1,170
A disbursement float of $658
A collection float of $815
A collection float of $658
A collection float of $1,170](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0e2d7bcb-67ef-4c10-86eb-cd33ef7cff16%2Fd72c58c5-b5a7-43f8-ae56-f43e01bbbc70%2Fd16s27_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On a typical day, a company writes 51 checks worth a total of $8,920 that clear in 3.75 days. The company also collects 63 checks worth a total of
$10,090 that clear in 3.25 days. Is this a collection or disbursement float? What is the amount of the float?
Multiple Choice
A disbursement float of $1,170
A disbursement float of $658
A collection float of $815
A collection float of $658
A collection float of $1,170
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