On an average day, a company writes 49 checks worth a total of $7,950 that clear...
On an average day, a company writes 49 checks worth a total of $7,950 that clear in 3.25 days. The company also collects 61 checks worth a total of $9,990 that clear in 2.75 days.
What is the company's average collection float?
a.7,950
b.17,940
c.9,990
d.25,838
e. 27,473
Homework Answers
Calculate the average collection period as follows:
Average collection period = Checks received * Number of clear days
Average collection period = $9,990 * 2.75
Average collection period = $27,473
Answer: Option E.
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