ABC Company writes 305 checks a day for an average amount of $572 each. These checks...
ABC Company writes 305 checks a day for an average amount of $572 each. These checks generally clear the bank in 3 days. In addition, the firm generally receives an average of $139453 a day in checks that are deposited immediately. Deposited funds are available in 1 days. What is the firm's net float?
Homework Answers
Collection float = 1 × $139,453 = $139,453
Disbursement float = 305 × $572 × 3 = $523,380
Net float = $523,380 - $139,453 = $383,927
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