Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lester's writes 20 checks a day for an average amount of $630 each. These checks generally clear the bank 2.5 days after they are written.
Lester's writes 20 checks a day for an average amount of $630 each. These checks generally clear the bank 2.5 days after they are written. In addition, the firm generally receives an average of $18,400 a day in checks. Deposited amounts are available after 2 days. What is the amount of the firm's disbursement float?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started