Modos Company Has Deposited $3,500 in Checks Received from Customers

question 135

Multiple Choice

Modos Company has deposited $3,500 in checks received from customers. It has written $1,400 in checks to its suppliers. The initial bank and book balance was $600. If $1,600 of its customers' checks have cleared, but only $600 of its own, calculate its float.

• A) $1,200
• B) $1,100
• C) $300
• D) $700

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Definitions:

Airline

A company that provides air transport services for traveling passengers and freight.

Consumer Group

A collection of individuals or households that share similar purchasing behaviors or characteristics.

Z-scores

Standardized scores that indicate how many standard deviations an element is from the mean, used in statistics for comparisons between different data sets.

P-values

The probability under a specified statistical model that a statistical summary of the data would be equal to or more extreme than its observed value.