Hoyes Lumber generally receives 3 checks a month. The check amounts and the collection delay for each check are shown below

Your firm generally receives 4 checks a month. The check amounts and the collection delay for each check is shown below. Given this information what is the amount of the average daily float? Assume a 30 day month.        A.  $1,120 B.  $2,333 C.  $2,640 D.  $2,900 E.  $3,416 Average daily float = [($1,500 × 2) + ($3,900 × 1) + ($6,100 × 3) + ($4,200 × 2)]/30 = $1,120

52.

Hoyes Lumber generally receives 3 checks a month. The check amounts and the collection delay for each check are shown below. Given this information, what is the amount of the average daily float? Assume each month has 30 days.        A.  $1,386.67 B.  $1,407.19 C.  $4,750.00 D.  $6,833.33 E.  $6,933.33 Average daily float = [($6,100 × 3) + ($5,500 × 1) + ($8,900 × 2)]/30 = $1,386.67

53.

The Blue Star generally receives only 3 checks a month. The check amounts and the collection delay for each check are shown below. Given this information, what is the amount of the average daily float? Assume every month has 30 days.        A.  $971.43 B.  $1,376.67 C.  $3,351.33 D.  $5,666.67 E.  $6,800.00 Average daily float = [($8,800 × 2) + ($2,300 × 3) + ($8,400 × 2]/30 = $1,376.67

54.

The Food Wholesaler generally receives 4 checks a month. The check amounts and the collection delay for each check are shown below. Given this information, what is the amount of the average daily float? Assume every month has 30 days.        A.  $3,963.89 B.  $21,750.00 C.  $22,236.67 D.  $28,133.33 E.  $35,675.00 Average daily float = [($67,200 × 3) + ($91,600 × 1) + ($54,200 × 2) + ($88,500 × 3)]/30 = $22,236.67