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In a typical month, the Pier Corporation receives 100 checks totaling $96,000. These are delayed five days on average. Assume 30 days in a month. What is the average daily float? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Average daily float

In a typical month, the Pier Corporation receives 100 checks totaling $96,000. These are delayed five days on average. Assume 30 days in a month. What is the average daily float? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Average daily float

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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4. Find the average daily float
In a typical month, the Pier Corporation receives 100 checks totaling $96,000. These are delayed five days on average. Assume 30 days in a month. What is the average daily float? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Average daily float < Prev be here to search
Transcribed Image Text:In a typical month, the Pier Corporation receives 100 checks totaling $96,000. These are delayed five days on average. Assume 30 days in a month. What is the average daily float? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Average daily float < Prev be here to search
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