Question
ABC Corporation has daily cash collections of P50,000 and daily cash disbursements of P60,000. A customer check is credited on the bank statement an
ABC Corporation has daily cash collections of P50,000 and daily cash disbursements of P60,000. A customer check is credited on the bank statement an average of 5 days from the issue date. Company checks remain outstanding an average of 3 days from the issue date. Required: 1. Collection float 2. Disbursement float 3. Net Float (Place answer in parenthesis if unfavorable.)
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
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