1. 23. XYZ Company's credit terms are 1/5 net 27. The company estimates that 32% of the customers will take the cash discount. What is the average collection period?

1. 24. At the start of the day, the ledger balance and the available balance for ABC Company was $5,508. During the day, the firm wrote two checks in the amounts of $1,256 and $1,687. The firm deposited two checks: one check for $283 and another check for $1,357. What is the amount of the collection float as of the end of the day?