Ellcrys Corp. writes 67 checks a day for an average amount of $521 each. These checks...
Ellcrys Corp. writes 67 checks a day for an average amount of $521 each. These checks generally clear the bank 2.75 days after they are written. In addition, the firm generally receives 64 checks with an average amount of $598 each. Deposited amounts are available after an average of 2.25 days. Is this a disbursement or collection float? What is the value of the float?
a. A collection float of $9,882
b. A disbursement float of $9,882
c. A collection float of $11,677
d. A disbursement float of $7,735
e. A disbursement float of $11,677
Homework Answers
b. A disbursement float of $9,882
Disbursement float = 67 × $521 × 2.75 = $95,994
Collection float = 64 × $598 × 2.25 = $86,112
This is a disbursement float of $95,994 - $86,112 = $9,882
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