Problemyour neighbor goes to the post office once a month, Ask an Expert

Accounting

Problem:

Your neighbor goes to the post office once a month and picks up two checks, one for $13,400 and one for $4,400. The larger check takes three days to clear after it is deposited; the smaller one takes two days. Assume 30 days in a month.

Required:

Question 1: What is the total float for the month?

Question 2: What is the average daily float?

Question 3: What are the average daily receipts?

Question 4: What is the weighted average delay?

Note: Explain all calculation and formulas.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91172594

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