Homework Answers
a) This is disbursement float. As writing a cheque will decrease book balance of assets of the firm and to change its available balance. This is the case of disbursement float.
b) $138000 (available balance will not change as cheque has not yet arrived at bank)
c) $92000 (book balance willl decrease as company will record this in books immediately)
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You have $138,000 on deposit with no outstanding checks or uncleared deposits. One day you write...
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You have $141,000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $43,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Disbursement float a. Type of float b....
You have $143.000 on deposit with no outstanding checks or uncleared deposits. One day you write...
You have $143.000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $41,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Type of float Available balance c. Book...
You have $13,500 on deposit with no outstanding checks or uncleared deposits. Assume you deposit ...
You have $13,500 on deposit with no outstanding checks or uncleared deposits. Assume you deposit a check for $5,100. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Available balance $ What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Book balance
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You have $13,800 on deposit with no outstanding checks or uncleared deposits. Assume you deposit a check for $5,400.a.Does this create a disbursement float or a collection float?b.What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)c.What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)PLEASE ANSWER ALL
Problem 17-1 Calculating Float (LO 1) You have $126,000 on deposit with no outstanding checks or...
Problem 17-1 Calculating Float (LO 1) You have $126,000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $58,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round ** your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your ** answer to the nearest whole number, e.g.,...
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Each business day, on average, a company writes checks totaling $13,400 to pay its suppliers. The...
Each business day, on average, a company writes checks totaling $13,400 to pay its suppliers. The usual clearing time for the checks is four days. Meanwhile, the company is receiving payments from its customers each day, in the form of checks, totaling $24,400. The cash from the payments is available to the firm after two days. a. Calculate the company’s disbursement float, collection float, and net float. (A negative answer should be indicated by a minus sign. Do not round...
Problem 27-6 Using Weighted Average Delay A mail-order firm processes 6,300 checks per month. Of these, 70 percent are for $53 and 30 percent are for $85. The $53 checks are delayed two days on avera...
Problem 27-6 Using Weighted Average Delay A mail-order firm processes 6,300 checks per month. Of these, 70 percent are for $53 and 30 percent are for $85. The $53 checks are delayed two days on average; the $85 checks are delayed three days on average. Assume 30 days per month a-1.What is the average daily collection float? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Average daily collection float 210 a-2. How...
You have $141,000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $43,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Disbursement float a. Type of float b....
You have $143.000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $41,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Type of float Available balance c. Book...
You have $11,900 on deposit with no outstanding checks or uncleared deposits. Assume you deposit a check for $2,200. a. Does this create a disbursement or collection float? b. What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c. What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Float type Available balance b. Book balance
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