A Firm Issued Three Cheques for $25,000, $15,000, and $13,000

question 67

Multiple Choice

A firm issued three cheques for $25,000, $15,000, and $13,000 on January 31, and deposited a $30,000 cheque into the bank account.None of the cheques were cleared by February 1.What is the net float from these transactions?

• A)-$23,000
• B)+$23,000
• C)-$83,000
• D)+$83,000 Payment float = 25,000 + 15,000 + 13,000 = 53,000
• Availability float = 30,000
• Net float = Payment float - availability float

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