Question
On an average day, Wilsons Meats receives 20 checks from customers that average $1,200 each. It takes half a day to process these payments and
On an average day, Wilsons Meats receives 20 checks from customers that average $1,200 each. It takes half a day to process these payments and another day for the funds to become available. Wilsons also receives $48,000 of daily payments from customers who are billed and pay electronically. The electronic payments are available immediately. What is the firm's collection float?
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Practical Financial Management
Authors: William R. Lasher
4th Edition
0324260768, 9780324260762
