Question: Madison Corner writes 21 checks a day for an average amount of $461 each. These checks generally clear the bank 2.5 days after they are

Madison Corner writes 21 checks a day for an average amount of $461 each. These checks generally clear the bank 2.5 days after they are written. In addition, the firm generally receives 46 checks with an average amount of $508 each. Deposited amounts are available after an average of 2 days. What is the amount of the firm's collection float?

Multiple Choice

$24,203
$22,534
$9,681
$23,368
$46,736

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Madison Corner writes 29 checks a day for an average amount of $493 each. These checks generally clear the bank 2.75 days after they are written. In addition, the firm generally receives 66 checks...

Madison Corner writes 36 checks a day for an average amount of $521 each. These checks generally clear the bank 275 days after they are written. In addition, the firm generally receives 73 checks...

Madison Corner writes 24 checks a day for an average amount of $473 each. These checks generally clear the bank 3.25 days after they are written. In addition, the firm generally receives 6 checks...

Madison Corner writes 44 checks a day for an average amount of $553 each. These checks generally clear the bank 3 days after they are written. In addition, the firm generally receives 81 checks with...

Madison Corner writes 2 5 checks a day for an average amount of $ 4 7 7 each. These checks generally clear the bank 3 . 5 days after they are written. In addition, the firm generally receives 6 2...

Madison Corner writes 4 2 checks a day for an average amount of $ 5 4 5 each. These checks generally clear the bank 2 . 5 days after they are written. In addition, the firm generally receives 7 9...

Madison Corner writes 37 checks a day for an average amount of $525 each. These checks generally clear the bank 3 days after they are written. In addition, the firm generally receives 74 checks with...

Madison Corner writes 2 3 checks a day for an average amount of $ 4 6 9 each. These checks generally clear the bank 3 days after they are written. In addition, the firm generally receives 6 0 checks...

Madison Corner writes 34 checks a day for an average amount of $513 each. These checks generally clear the bank 2.25 days after they are written. In addition, the firm generally receives 71 checks...

Madison Corner writes 3 9 checks a day for an average amount of $ 5 3 3 each. These checks generally clear the bank 3 . 5 days after they are written. In addition, the firm generally receives 7 6...

Rita is retired and has saved $50,000. She wishes to receive $500 a month for spending money. At an interest rate of 9%, compounded monthly, how many months would her money last?

What is the maximum car payment and mortgage payment you can afford with the following conditions: your monthly household income, 12% for the car payment over 7 years, and 30% for the 17-year...

How to increase the Cash App limit? In today's digital age, peer-to-peer payment platforms like Cash App have revolutionized the way we handle money, offering a blend of convenience and security....

Draw a class diagram and its relationship based on the following statements. You can use any UML tool/software to represent your class diagram. Do NOT copy and paste your diagram, use the attachment...