Madison Corner writes 24 checks a day for an average amount of $473 each. These...
60.1K
Verified Solution
Link Copied!
Question
Finance
Madison Corner writes 24 checks a day for an average amount of $473 each. These checks generally clear the bank 3.25 days after they are written. In addition, the firm generally receives 6 checks with an average amount of $526 each. Deposited amounts are available after an average of 2.75 days. What is the amount of the firm's collection float? Multiple Choice $36,894 $32,086 $11,352 $51,343 $88,237 Madison Corner writes 24 checks a day for an average amount of $473 each. These checks generally clear the bank 3.25 days after they are written. In addition, the firm generally receives 61 checks with an average amount of $526 each. Deposited amounts are available after an average of 2.75 days. What is the amount of the firm's collection float? Multiple Choice $36,894 $32,086 $11,352 $51,343 $88,237
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
