Jkl tools receives an average of 3300 a day in cheques. the, Ask an Expert

Accounting

JKL Tools receives an average of $3,300 a day in cheques. The delay in processing averages 4 days. The current interest rate is .02% per day. What is the highest daily fee JKL should pay to eliminate the float? What is the highest amount that JKL should pay to eliminate the float entirely?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945461

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