As of This Morning, a Firm Had a Ledger Balance

question 103

Multiple Choice

As of this morning, a firm had a ledger balance of $1,695 with no outstanding deposits or checks.Today, the firm deposited five checks in the amount of $32each and wrote a check in the amount of $465.What is the amount of the collection float as of the end of the day assuming none of these checks had cleared?

• A)$305
• B)$625
• C)$283
• D)$160
• E)$1,070