Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Saved Your neighbor goes to the post office once a month and picks up two checks, one for $10,700 and one for $4,600. The larger

image text in transcribed
Saved Your neighbor goes to the post office once a month and picks up two checks, one for $10,700 and one for $4,600. The larger check takes four days to clear after it is deposited, the smaller one takes three days. Assume 30 days in a month. a. What is the total float for the month? (Do not round intermediate calculations.) b. What is the average daily float? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g.. 32.16.) C- What are the average daily receipts? (Do not round intermediate calculations and 1. round your answer to 2 decimal places. e.g. 32.16.) C- What is the weighted average delay? (Do not round intermediate calculations and 2. round your answer to 2 decimal places. e.g. 32.16.) a. b. Total float Average daily float Average daily receipts Weighted average delay ch CH2. days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Finance questions