As of Monday Morning, the Ledger Balance and the Available

question 28

Multiple Choice

As of Monday morning, the ledger balance and the available balance for a firm was $3,000.During the day, the firm wrote three checks in the amounts of $750, $225, and $452.The firm deposited a check for $560 and a check for $258.What is the amount of the collection float as of the end of the day assuming none of these checks have cleared?

• A)$723
• B)$2.431
• C)$609
• D)$854
• E)$1,269

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Definitions:

Pay Systems

The framework within an organization that determines how employees are compensated, including salaries, bonuses, raises, and incentives.

Accounting Results

The outcomes derived from the accounting processes, including financial statements and reports that reflect the financial performance and condition of an entity.

Return On Investment

A performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of a number of different investments.

Profitable Projects

Projects that generate a financial gain or benefit exceeding their costs and investments.