Zody's Antiques just reconciled its bank account and has $13,200 in outstanding deposits and $31,400 in checks outstanding. The firm's checkbook has a positive balance. The firm sells on a cash basis only and deposits its receipts on a daily basis. The deposited funds are available to the firm the following day. The firm writes and mails checks on a daily basis also. These checks generally clear the bank in three days. What do you know about the firm's float given this information?

		The firm has disbursement float but no collection float.
		The disbursement float exceeds the collection float.
		Since transactions occur daily, the firm has no float.
		The firm has a net collection float.