Question: Smelpank, Incorporated estimates that it takes, on average, five days for customers payments to reach them, two days for the payments to be processed and

Smelpank, Incorporated estimates that it takes, on average, five days for customers

payments to reach them, two days for the payments to be processed and deposited by their bookkeeping department, and one more day for the check to clear once they are deposited.

What is the firm

s collection float?

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