Lasko's Mart has an available balance of $2,315. A deposit of $789 was made this morning and is included in the bank's balance. There are three checks outstanding with a value of $289 each. What is the net float?

Question

Quizplus · Accepted Answer

To calculate net float, we need to subtract the total of outstanding checks from the available balance plus the deposit made but not cleared yet.

Available balance = $2,315
Deposit made = $789
Total value of outstanding checks = $289 x 3 = $867

Net float = (Available balance + Deposit made) - Total value of outstanding checks 
Net float = ($2,315 + $789) - $867 = $2,237

Therefore, the correct choice is A.

Lasko's Mart Has an Available Balance of $2,315