In a typical month, the Jeremy Corporation receives 100 checks totaling $80,000. These are delayed 7 days on average. What is the average daily float? Assume 30 days per month

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In a typical month, the Jeremy Corporation receives 100 checks totaling $80,000. These are delayed 7 days on average. What is the average daily float? Assume 30 days per month ?

Darshita Changed status to publish August 12, 2020
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Answer:

Average daily float

= 7($80,000)/30

=18,667.00
Average daily float = $18,667.00

Darshita Changed status to publish August 12, 2020

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