BJ's Just Reconciled Its Bank Account and Has $10,800 in Outstanding

question 94

Multiple Choice

BJ's just reconciled its bank account and has $10,800 in outstanding deposits, $26,300 in checks outstanding, and a positive checkbook balance.The firm sells on a cash-only basis and deposits its receipts at the bank daily.The deposited funds are available to the firm the following day.The firm writes and mails checks on a daily basis also.These checks generally clear the bank in three days.What do you know about the firm's float given this information?

• A)The firm has disbursements float but no collection float.
• B)The collection float generally exceeds the disbursement float.
• C)The firm has a net collection float.
• D)The disbursement float generally exceeds the collection float.
• E)Since transactions occur daily, the firm has no float.

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