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On a typical day, a company writes 47 checks worth a total of $8,455 that clear in 2
On a typical day, a company writes 47 checks worth a total of $8,455 that clear in 2.75 days. The company also collects 59 checks worth a total of $10,220 that clear in 2.25 days. Is this a collection or disbursement float? What is the amount of the float?
Expert Solution
Disbursement float = Checks return*Amount * Clear days
Disbursement float = 47 * $8,455*2.75 days
Disbursement float = $1,092,808.75
-----------------------------------------
Collection float = Checks received*Amount * Clear days
Collection float = 59*$10,220 *2.25 days
Collection float = $1,356,705
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Net collection float = difference between two floats
Net collection float = $1,356,705 - $1,092,808.75
Net collection float = $263,896.25
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