On average, your firm receives 62 checks a day from customers. These checks, on average, are worth $39.90 each and clear the bank in 1.5 days. In addition, your firm disburses 38 checks a day with an average amount of $89.50. These checks clear your bank in 2 days. What is the average amount of the collection float?
A) $2,473.80
B) $3,401.00
C) $3,710.70
D) $5,101.50
E) $6,802.00
Correct Answer:
Verified
Q54: Your firm generally receives 4 checks a
Q55: Which of the following statements is correct?
A)A
Q56: The Hobby Shop has a checking account
Q58: Hoyes Lumber generally receives 3 checks a
Q59: On an average day,Plastics Enterprises writes 42
Q60: Hot Tub Builders sells to three retail
Q61: You are considering implementing a lockbox system
Q62: Theo's Bar & Grill needs $147,000 a
Q63: On an average day, your firm receives
Q72: The Eliot Co.needs $185,000 a week to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents