What is the TOTAL float , annual float , monthly float and daily float for the following:
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What is the TOTAL float , annual float , monthly float and daily float for the following: A firm processes 6000 cheques per month. 60 per cent are for $ 70 and take 5 days to clear and 40 per cent are for $ 50 and take 3 days to clear. Please provide detailed workings for Annual float , Monthly float , daily float and total float.
Assume 360 days in a year and 30 days in a month.
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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