Hoyes Lumber generally receives three checks per month. A check for $10,720 clears in 4 days,...
Hoyes Lumber generally receives three checks per month. A check for $10,720 clears in 4 days, a check for $6,350 clears in 3 days, and a check for $7,610 clears in 2 days. Assuming 30 days in each month, what is the average daily float? Multiple Choice $2,571.67 $2,211.00 $2,426.00 $274.22 $822.67
Homework Answers
Average daily float = [(Amount * delay days)]
= [($10,720 * 4) + ($6,350 * 3) + ($7,610 * 2) ] / 30 days
= [$42,880 + $19,050 + $15,220] /30
= 77,150 / 30
= $2,571.67
So, Average Daily Float = $2,571.67
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Hoyes Lumber generally receives three checks per month. A check
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