Question
Tenafly, Inc., writes 21 checks a day for an average amount of $461 each that generally clear 2.5 days after they are written. In addition,
Tenafly, Inc., writes 21 checks a day for an average amount of $461 each that generally clear 2.5 days after they are written. In addition, the firm generally receives 29 checks each day with an average amount of $508 each that are available after 2 days. Is this a collection or disbursement float? What is the amount of the float?
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Fundamentals Of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
16th Edition
0357517571, 978-0357517574
