4. Float and Weighted Average Delay [LO1] Your neighbor goes to the post office once a month and picks up two checks, one for $17,000 and one for $6,000. The larger check takes four days to clear after it is deposited; the smaller one takes five days. a. What is the total float for the month? b. What is the average daily float? c. What are the average daily receipts and weighted average delay?

4. Float and Weighted Average Delay [LO1] Your neighbor goes to the post office once a month and picks up two checks, one for $17,000 and one for $6,000. The larger check takes four days to clear after it is deposited; the smaller one takes five days. a. What is the total float for the month? b. What is the average daily float? c. What are the average daily receipts and weighted average delay?

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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