In a typical month, the Webber Corporation receives 100 checks totaling $135,000

Question

In a typical month, the Webber Corporation receives 100 checks totaling $135,000. These are delayed two days on average. Assume 30 days in a month. (Enter your answer as directed, but do not round intermediate calculations.)

Required:

What is the average daily float?

  Average daily float

$

In a typical month, the Webber Corporation receives 100 checks totaling $135,000. These are delayed two days on average. Assume 30 days in a month. (Enter your answer as directed, but do not round intermediate calculations.)

Explanation / Answer

Answer: Average Daily float Formula=Delay in days*Amount/No of days in month

Average daily Float=2 days*$135000/30days=$9000

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