Question: Tenafly, Inc., writes 33 checks a day for an average amount of $509 each that generally clear 3.75 days after they are written. In addition,
Tenafly, Inc., writes 33 checks a day for an average amount of $509 each that generally clear 3.75 days after they are written. In addition, the firm generally receives 41 checks each day with an average amount of $580 each that are available after 3.25 days. Is this a collection or disbursement float? What is the amount of the float? Multiple Choice A disbursement float of $16,091 A collection float of $16,091 A collection float of $14,296 A disbursement float of $14,296
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
