Question
Average trade collections and disbursements are P72,000,000 and P57,600,000 per year. It takes a customer check an average of three days to clear the bank
Average trade collections and disbursements are P72,000,000 and P57,600,000 per year. It takes a customer check an average of three days to clear the bank while it takes a company check four days. If the bank provides a 2% return on the bank balance, how much is the net benefit or (cost) of the float?
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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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