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.

Question

Quizplus · Accepted Answer

Average daily float = [($67,200 F1F1F1S1F1F1F10 3) + ($91,600 F1F1F1S1F1F1F10 1) + ($54,200 F1F1F1S1F1F1F10 2) + ($88,500 F1F1F1S1F1F1F10 3)]/30 = $22,236.67

The Food Wholesaler Generally Receives 4 Checks a Month