On an average day, a company writes 59 checks worth a total of $6,450 that clear...
On an average day, a company writes 59 checks worth a total of $6,450 that clear in 3 days. The company also collects 81 checks worth a total of $8,990 that clear in 2.75 days. What is the company's average disbursement float?
Homework Answers
This question requires the following:
- Calculation of disbursement float:
- disbursement float = 3 days x 6450
- disbursement float = $19,350
- Calculation of collection float:
- collection float = 2.75 days x 8990
- collection float = $24,722.5
- Net float = Disbursement float - collection float
- $19,350 - $24,722.5= -$5,372.5
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