This morning, Wilson's Meats had both a book and a bank balance of $1,500. Today, the firm received 20 checks from customers that averaged $110 each. The funds from these checks will be delayed by one day, which will cover both the processing and availability delays. Wilson's also received $4,000 of payments from customers who are billed and pay electronically. The electronic payments are available immediately. What is the firm's collection float as of the end of this day?
A) ?$6,200
B) ?$2,200
C) ?$1,200
D) ?$1,800
E) ?$3,700
B) ?$2,200
Explanation: Collection float = Firm's available balance ? Firm's book balance
Collection float = ($1,500 + 4,000) ? [$1,500 + 20($110) + $4,000]
Collection float = ?$2,200
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