Question
On an average day, a company writes 49 checks worth a total of $7,950 that clear in 3.25 days. The company also collects 61 checks
On an average day, a company writes 49 checks worth a total of $7,950 that clear in 3.25 days. The company also collects 61 checks worth a total of $9,990 that clear in 2.75 days.
What is the company's average collection float?
a.7,950
b.17,940
c.9,990
d.25,838
e. 27,473
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
