Question: Ellcrys Corp. writes 56 checks a day for an average amount of $477 each. These checks generally clear the bank 3.5 days after they are

Ellcrys Corp. writes 56 checks a day for an average amount of $477 each. These checks generally clear the bank 3.5 days after they are written. In addition, the firm generally receives 53 checks with an average amount of $532 each. Deposited amounts are available after an average of 3 days. Is this a disbursement or collection float? What is the value of the float?

A. Disbursement float of $10,699

B. A collection float of $10,699

C. Disbursement float of $6,757

D. Disbursement float of $8,904

E. A collection float of $8,904

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