On an average day, a company writes 45 checks worth a total of $7,850 that clear...
On an average day, a company writes 45 checks worth a total of $7,850 that clear in 2.25 days. The company also collects 57 checks worth a total of $9,890 that clear in 1.75 days. What is the company's average collection float?
Homework Answers
This question requires the following:
- Calculation of disbursement float:
- disbursement float = 2.25 days x 7850
- disbursement float = $17,662.5
- Calculation of collection float:
- collection float = 1.75 days x 9890
- collection float = $17,307.5
- Net float = Disbursement float - collection float
- $17,662.5 - $17,307.5 = $355
- $17,662.5 - $17,307.5 = $355
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