Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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?
A. Net disbursement float of $34,027.10
B. Net disbursement float of $36,318
C. Net disbursement float of $34,750.30
D. Net collection float of $34,027.10
E. Net collection float of $36,318
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