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Ellerys Corp. writes 51 checks a day for an average amount of $457 each. These checks generally clear the bank 2.25 days after they
Ellerys Corp. writes 51 checks a day for an average amount of $457 each. These checks generally clear the bank 2.25 days after they are written. In addition, the firm generally receives 48 checks with an average amount of $502 each. Deposited amounts are available after an average of 1.75 days. Is this a disbursement or collection float? What is the value of the float?
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Financial Accounting: A Business Process Approach
Authors: Jane L. Reimers
3rd edition
978-013611539, 136115276, 013611539X, 978-0136115274
