Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Virtucon writes 43 checks a day for an average amount of $549 each that generally clear 2.75 days after they are written. In addition, the

image text in transcribed

Virtucon writes 43 checks a day for an average amount of $549 each that generally clear 2.75 days after they are written. In addition, the firm generally receives 51 checks each day with an average amount of $640 each that are available after 2.25 days. Is this a collection or disbursement float? What is the amount of the float? Multiple Choice A disbursement float of $8,521 A disbursement float of $10.316 o A collection float of $10,316 () A collection float of $9,415 O A collection float of $8,521

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

American Public School Finance

Authors: William A. Owings, Leslie S. Kaplan

1st Edition

0495807834, 9780495807834

More Books

Students also viewed these Finance questions

Question

What are the determinants of cash cycle ? Explain

Answered: 1 week ago