Hoyes Lumber generally receives three checks a month in the amounts of $1,200, $1,650, and $2,200. The $2,200 check has a two-day collection delay while the others have a one-day delay. Given this information, what is the amount of the average daily float? Assume each month has 30 days.
Darshita Changed status to publish August 13, 2020
Answer:
the amount of the average daily float= $241.67
Explanation
the amount of the average daily float
1(1200)/30= 40
1(1650)/30= 55
2(2200)/30= 146.67
No40+55+146.67=241.67
the amount of the average daily float=241.67
Darshita Changed status to publish August 13, 2020