Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Net float or float is the total amount of float in a bank account. It is calculated by subtracting the disbursement float money spent but
Net float or float is the total amount of float in a bank account. It is calculated by subtracting the disbursement float money spent but not yet taken out of the account from the collection float money deposited but not yet clear.
On a typical day, Park Place Clinic writes $1,000 in checks. It generally takes four days for those checks to clear. Each day the clinic typically receives $1,000 in checks that take three days to clear.
What is the clinic's average net float? Show your work using Excel.
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