Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 31, 2024

In a typical month, the Montrose Corporation receives 90 checks totaling $85,000. These are delayed four days on average. What is the average daily float?

image text in transcribed

In a typical month, the Montrose Corporation receives 90 checks totaling $85,000. These are delayed four days on average. What is the average daily float? Assume 30 days in a month. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Average daily float

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

AI In The Financial Markets

AI In The Financial Markets

Authors: Federico Cecconi

1st Edition

3031265173, 978-3031265174

More Books

Students also viewed these Finance questions

Question

★★★★★

The thermal conductivity and surface emissivity of a material may be determined by heating its bottom surface and exposing its top surface to quiescent air and large surroundings of equivalent...

Answered: 1 week ago

Question

★★★★★

Suppose that the government subsidizes the cost of workers by paying for 25% of the wage (the rate offered by the U.S. government in the late 1970s under the New Jobs Tax Credit program). What effect...

Answered: 1 week ago

Question

★★★★★

2. Why are children with ADHD at risk for problematic parentchild interactions? Why are children with ADHD at risk for peer rejection? If you were a clinician, how might you prevent these social...

Answered: 1 week ago

Question

★★★★★

Yard Professionals Inc. experienced the following events in 2016, its first year of operation: 1. Performed services for $35,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count...

Answered: 1 week ago

Question

★★★★★

How much must you deposit in an account today so that you have a balance of $ 19,785 at the end of 6 years if interest on the account is 16 % p.a., but with quarterly compounding? (Round your answer...

Answered: 1 week ago

Question

★★★★★

Question 11: (1 Point) Johnson took the Personal Finance course and feels prepared in purchasing his first condo. He is looking at a mortgage of $200,000. He is considering two options: the monthly...

Answered: 1 week ago

Question

★★★★★

Read the following passage: "Mary had been asking her neighbor to repair the fence on his goat pen all summer, but he'd only laughed at her and insisted the animals could not get out. So she was...

Answered: 1 week ago

Question

★★★★★

A machine costing $209,000 with a four-year life and an estimated $17,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine will produce...

Answered: 1 week ago

Question

★★★★★

Assume that an MNC has the following U-shaped long run average cost curve (AC), where Q stands for qua of ourpol AC B C AC1 AC2 F If this MNC is destroying value by undertaking negative NPV project,...

Answered: 1 week ago

Question

★★★★★

The most recent financial statements for Mandy Company are shown here: Income Statement Balance Sheet $ Sales Current assets 20,200 Costs 13,900 Fixed assets $ 11,960 Debt 31,950 Equity $ 16,480...

Answered: 1 week ago

Question

★★★★★

The ledger of Sunland Company contains the following balances: Owner s Capital $ 2 8 , 9 0 0 , Owner s Drawings $ 2 , 1 0 0 , Service Revenue $ 5 1 , 0 0 0 , Salaries and Wages Expense $ 2 6 , 4 0...

Answered: 1 week ago

Question

★★★★★

4. It has been said that net neutrality is the most important issue facing the Internet since the advent of the Internet. Discuss the implications of this statement. What kind of Internet user are...

Answered: 1 week ago

Question

★★★★★

Youll advertise your position in the local newspaper(s), with area post-secondary schools, in newsletters circulated to members of the Professional Womens Network (see Part 5 feature) and similar...

Answered: 1 week ago

Question

★★★★★

The career fair was a very positive experience. Prepare the text of an e-mail thanking Sarah for suggesting you attend (sking09@redriver.edu).

Answered: 1 week ago

Previous Question Next Question