Answered: 1. Calculating Float [LO1] In a typical…

1. Calculating Float [LO1] In a typical month, the Jeremy Corporation receives 80 checks totaling $156,000. These are delayed four days on average. What is the average daily float?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

1. Calculating Float [LO1] In a typical month, the Jeremy Corporation receives
80 checks totaling $156,000. These are delayed four days on average. What is the
average daily float?

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LO 13.3 Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?
5267.26,1691.85,281.53 All answers are wrong. Please answer carefully.
help #14
8. You can earn $38 in interest on a $1000 deposit for eight months. If the EAR is the same regard- less of the length of the investment, determine how much interest will you earn on a $1000 deposit for a. 9 months. Sunnon 0 b. 1 year. c. 1.6 years. met $101 in a bank account and five years later it has grown to $136.14.
Don't know how to solve