In a typical month, Kids Fun’s Playground Company receives 45 cheques totalling $16,000. These cheques are...

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In a typical month, Kids Fun’s Playground Company receives 45 cheques totalling $16,000. These cheques are...

In a typical month, Kids Fun’s Playground Company receives 45 cheques totalling $16,000. These cheques are delayed two days on average. What is the average daily float if there is 30 days in a month?

Select one:

a. $1,066.67

b. $1,360.05

c. $1,165.00

d. $1,166.65

business accounting

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Answer 1

Answer #1

Total receipts average delay $16,000 2days weighted average delay ($16000/$16000) *2 =2days average daily float ($16000*2)/30

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Answer 2

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