Question: Collection Float CM Enterprises estimates that it takes, on average, three days for customers payments to arrive, one day for the payments to be processed

Collection Float CM Enterprises estimates that it takes, on average, three days for customers’ payments to arrive, one day for the payments to be processed and deposited by the bookkeeping department, and two more days for the checks to clear once they are deposited. What is CM’s collection float? (LG14-9)

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