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AICPA Exam CPA-Business Topic 2 Question 50 Discussion
Actual exam question for
AICPA's
CPA-Business exam
Question #: 50
Topic #: 2
[All CPA-Business Questions]
Topic #: 2
A firm has daily cash receipts of $100,000. A bank has offered to reduce the collection time on the firm's deposits by two days for a monthly fee of $500. If money market rates are expected to average 6 percent during the year, the net annual benefit (loss) from having this service is:
Suggested Answer:
C
Choice 'c' is correct. $6,000 net annual benefit from using a lockbox system.
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