Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 10, 2024

On an average day, a company writes 45 checks worth a total of $7,850 that clear in 2.25 days. The company also collects 57 checks

On an average day, a company writes 45 checks worth a total of $7,850 that clear in 2.25 days. The company also collects 57 checks worth a total of $9,890 that clear in 1.75 days. What is the company's average collection float?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Behavioral Finance

Authors: Edwin Burton, Sunit N. Shah

1st Edition

111830019X, 978-1118300190

More Books

Students also viewed these Finance questions

Question

★★★★★

Ernie and Julie Paltrow purchased a 57-acre property in Temecula, California in 2011. They began developing approximately 40 acres of the property for vineyards and incurred substantial costs to...

Answered: 1 week ago

Question

★★★★★

Use the Gaussian elimination method to solve each of the following systems of linear equations: (a) 4x + 7y = 131 8.x-3y=41 (c) 11x-4y = 256 3x+6y=6 (b) 6x+5y= 51 -x+8y = 124 (d) 13x+9y= 15 -...

Answered: 1 week ago

Question

★★★★★

17. Three points X1, X2, X3 are selected at random on a line L. What is the probability that X lies between X1 and X3?

Answered: 1 week ago

Question

★★★★★

The International Bank of Commerce (IBC) is an audit client of your public accounting firm. IBC is a multinational financial institution that operates in 23 countries. During the current years audit,...

Answered: 1 week ago

Question

★★★★★

Butanol is fed stoichiometrically with ethyl acetate into a 2 0 0 d m 3 CSTR to produce butyl acetate and ethanol. The reaction C H 3 C O O C 2 H 5 + C 4 H 9 O H h a r r C H 3 C O O C 4 H 9 + C 2 H 5...

Answered: 1 week ago

Question

★★★★★

Given the following information for the two stocks: Stock Investment Beta A $30,000 1.2 B $20,000 0.8 Assume the risk-free rate is 3 percent and the market risk premium is 9%. A portfolio is...

Answered: 1 week ago

Question

★★★★★

Answer.... The article "The Influence of Temperature and Sunshine on the Alpha-Acid Contents of Hops"t reports the following data on yield (y), mean temperature over the period between date of coming...

Answered: 1 week ago

Question

★★★★★

Cuban Investors buys real estate, develops it, and resells it for a profit. A new property is available, and Mark Cuban, the president and owner of Cuban Investors, believes it can be sold for...

Answered: 1 week ago

Question

★★★★★

Bowling Green Financial is preparing its Budgeted Income Statement for next year. Bowling Green Financial has collected the following information about this statement: Sales for next year total...

Answered: 1 week ago

Question

★★★★★

John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111120), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303....

Answered: 1 week ago

Question

★★★★★

How imperative is conducting research on the target and ensuring that the proper customers are communicated to? HaHowtherightw many companies fail to hone in on th eright consumer?

Answered: 1 week ago

Question

★★★★★

What is meant by the statement regarding compensation for host-country nationals, Organizations should think globally but act locally?

Answered: 1 week ago

Question

★★★★★

What should Belindas and Marcus next steps be?

Answered: 1 week ago

Question

★★★★★

How might use of an employee assistance program help in this situation?

Answered: 1 week ago

Previous Question Next Question