1. Suppose a hospital writes checks of $100,000 per day and it takes, on average, seven days for them to be received by and clear the banking system. Furthermore, the hospital receives $120,000 in checks daily that take four days to be deposited and credited. What is the hospital's float?
1) $100,000
2) $120,000
3) $220,000
4) $240,000
5) $440,000
2. A person with a total lax liability of $4,440 and withholding of federal taxes of $3,985 would ?
A. Owe $455
B. Receive a refund of $455
C. owe $4,440
D. recieve a refund of $3,985
E. Receive a refund of $4,440