Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please show work and formulas! Spice it Up! writes 57 checks a day with an average amount of $289 each. These checks generally clear the
Please show work and formulas!
Spice it Up! writes 57 checks a day with an average amount of $289 each. These checks generally clear the bank in 2.7 days. In addition, the firm generally receives an average of $20,900 a day in checks that are deposited immediately. Deposited funds are available in an average of .5 days. What is the firm's net float? Net disbursement float of $34,027.10 Net disbursement float of $36,318 Net disbursement float of $34,750.30 Net collection float of $34,02710 Net collection float of $36,318Step 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