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Problem:

CM Enterprises estimates that it takes, on average, four days for customers' payments to arrive, one day for the payments to be processed and deposited by the bookkeeping department, and one more day for the checks to clear once they are deposited.

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Question: What is CM's collection float?

Note: Please explain comprehensively and give step by step solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91171822

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