My company has $250,000 deposited with a local bank. Two days later, my company writes and mails checks of $20,000 and $60,000 to suppliers. At the end of the month, I deposit a $45,000 check received from a customer in the morning mail and pick up the end-of-month account summary from the bank. I note that only the $20,000 payment of the two days later has been cleared by the bank. What is my company's ledger balance with the bank and the net float?© BrainMass Inc. brainmass.com June 3, 2020, 9:11 pm ad1c9bdddf
Your company starts with $250,000. It writes two checks totaling $80,000 and receives a check for the amount of ...
This posting gives the solution to the student's question.