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
Homework Answers
1) Collection float
2) The available balance is the amount you have on deposit.
Available balance = $13,500
3) The book balance is the amount on deposit plus the collection float.
Book balance = $13,500 + $5,100
Book balance = $18,600
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