Ellcrys Corp. writes 56 checks a day for an average amount of $477 each. These checks generally clear the bank 3.5 days after they are written. In addition, the firm generally receives 53 checks with an average amount of $532 each. Deposited amounts are available after an average of 3 days. Is this a disbursement or collection float? What is the value of the float?
A. Disbursement float of $10,699
B. A collection float of $10,699
C. Disbursement float of $6,757
D. Disbursement float of $8,904
E. A collection float of $8,904
Here is the solution... View the full answer