View the step-by-step solution to:

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.

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

Top Answer

Here is the solution... View the full answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online