Question

Hoyes Lumber generally receives three checks per month. A check for $11,120 clears in 4 days, a check for $6,475 clears in 3 days, and a check for $7,710 clears in 2 days. Assuming 30 days in each month, what is the average daily float?

Name: hoyes lumber generally receives three checks per month a check for 11120 clears in 4 days a check for 6475 clears in 3 days and a check for 7710 clears in 2 days assuming 30 days in each mon 06762
Uploaded: 2023-11-18T19:09:16-08:00
Duration: 2 min 15 s
Channel: Akash M
Description: hoyes lumber generally receives three checks per month a check for 11120 clears in 4 days a check for 6475 clears in 3 days and a check for 7710 clears in 2 days assuming 30 days in each mon 06762

          Hoyes Lumber generally receives three checks per month. A check for $11,120 clears in 4 days, a check for $6,475 clears in 3 days, and a check for $7,710 clears in 2 days. Assuming 30 days in each month, what is the average daily float?

Added by Lauren D.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Akash M

11/18/2023

Step 1

Calculate the total amount of checks received per month: $11,120 + $6,475 + $7,710 = $25,305 Show more…

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Hoyes Lumber generally receives three checks per month. A check for $11,120 clears in 4 days, a check for $6,475 clears in 3 days, and a check for $7,710 clears in 2 days. Assuming 30 days in each month, what is the average daily float?