The overall float for a month. Introduction: The float is the difference between the bank cash and the book cash, denoting the net effects of checks during the clearing process.

Question

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Answer 1

Question

Chapter 19, Problem 4QP

a)

Summary Introduction

To calculate: The overall float for a month.

Introduction:

The float is the difference between the bank cash and the book cash, denoting the net effects of checks during the clearing process.

a)

Expert Solution

Answer to Problem 4QP

The total float is $71,000.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the overall float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]

Calculate the collection float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]=4($14,000)+3($5,000)=$71,000

Hence, the total float is $71,000.

b)

Summary Introduction

To calculate: The average float daily.

b)

Expert Solution

Answer to Problem 4QP

The average daily float is $2,366.667.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the average daily float:

Average daily float=Total floatNumber of days in a month

Calculate the average daily float:

Average daily float=Total floatNumber of days in a month=$71,00030=$2,366.666

Hence, the average daily float is $2,366.667.

c)

Summary Introduction

To calculate: The average daily receipts and weighted average delay.

c)

Expert Solution

Answer to Problem 4QP

The average daily receipts are $633.33 and the weighted average delay is 3.74 days.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month

Compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month=($14,000+$5,000)30=$633.33

Hence, the average daily charge is $633.33.

Formula to compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]

Compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]=4($14,000$19,000)+3($5,000$19,000)=3.74 days

Hence, the weighted average delay is 3.74 days.

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Answer 2

Question

Chapter 19, Problem 4QP

a)

Summary Introduction

To calculate: The overall float for a month.

Introduction:

The float is the difference between the bank cash and the book cash, denoting the net effects of checks during the clearing process.

a)

Expert Solution

Answer to Problem 4QP

The total float is $71,000.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the overall float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]

Calculate the collection float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]=4($14,000)+3($5,000)=$71,000

Hence, the total float is $71,000.

b)

Summary Introduction

To calculate: The average float daily.

b)

Expert Solution

Answer to Problem 4QP

The average daily float is $2,366.667.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the average daily float:

Average daily float=Total floatNumber of days in a month

Calculate the average daily float:

Average daily float=Total floatNumber of days in a month=$71,00030=$2,366.666

Hence, the average daily float is $2,366.667.

c)

Summary Introduction

To calculate: The average daily receipts and weighted average delay.

c)

Expert Solution

Answer to Problem 4QP

The average daily receipts are $633.33 and the weighted average delay is 3.74 days.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month

Compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month=($14,000+$5,000)30=$633.33

Hence, the average daily charge is $633.33.

Formula to compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]

Compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]=4($14,000$19,000)+3($5,000$19,000)=3.74 days

Hence, the weighted average delay is 3.74 days.

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Answer 3

Question

Chapter 19, Problem 4QP

a)

Summary Introduction

To calculate: The overall float for a month.

Introduction:

The float is the difference between the bank cash and the book cash, denoting the net effects of checks during the clearing process.

a)

Expert Solution

Answer to Problem 4QP

The total float is $71,000.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the overall float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]

Calculate the collection float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]=4($14,000)+3($5,000)=$71,000

Hence, the total float is $71,000.

b)

Summary Introduction

To calculate: The average float daily.

b)

Expert Solution

Answer to Problem 4QP

The average daily float is $2,366.667.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the average daily float:

Average daily float=Total floatNumber of days in a month

Calculate the average daily float:

Average daily float=Total floatNumber of days in a month=$71,00030=$2,366.666

Hence, the average daily float is $2,366.667.

c)

Summary Introduction

To calculate: The average daily receipts and weighted average delay.

c)

Expert Solution

Answer to Problem 4QP

The average daily receipts are $633.33 and the weighted average delay is 3.74 days.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month

Compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month=($14,000+$5,000)30=$633.33

Hence, the average daily charge is $633.33.

Formula to compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]

Compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]=4($14,000$19,000)+3($5,000$19,000)=3.74 days

Hence, the weighted average delay is 3.74 days.

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Answer 4

Question

Chapter 19, Problem 4QP

a)

Summary Introduction

To calculate: The overall float for a month.

Introduction:

The float is the difference between the bank cash and the book cash, denoting the net effects of checks during the clearing process.

a)

Expert Solution

Answer to Problem 4QP

The total float is $71,000.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the overall float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]

Calculate the collection float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]=4($14,000)+3($5,000)=$71,000

Hence, the total float is $71,000.

b)

Summary Introduction

To calculate: The average float daily.

b)

Expert Solution

Answer to Problem 4QP

The average daily float is $2,366.667.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the average daily float:

Average daily float=Total floatNumber of days in a month

Calculate the average daily float:

Average daily float=Total floatNumber of days in a month=$71,00030=$2,366.666

Hence, the average daily float is $2,366.667.

c)

Summary Introduction

To calculate: The average daily receipts and weighted average delay.

c)

Expert Solution

Answer to Problem 4QP

The average daily receipts are $633.33 and the weighted average delay is 3.74 days.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month

Compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month=($14,000+$5,000)30=$633.33

Hence, the average daily charge is $633.33.

Formula to compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]

Compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]=4($14,000$19,000)+3($5,000$19,000)=3.74 days

Hence, the weighted average delay is 3.74 days.

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Answer 5

Chapter 19, Problem 4QP

a)

Summary Introduction

To calculate: The overall float for a month.

Introduction:

The float is the difference between the bank cash and the book cash, denoting the net effects of checks during the clearing process.

a)

Expert Solution

Answer to Problem 4QP

The total float is $71,000.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the overall float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]

Calculate the collection float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]=4($14,000)+3($5,000)=$71,000

Hence, the total float is $71,000.

b)

Summary Introduction

To calculate: The average float daily.

b)

Expert Solution

Answer to Problem 4QP

The average daily float is $2,366.667.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the average daily float:

Average daily float=Total floatNumber of days in a month

Calculate the average daily float:

Average daily float=Total floatNumber of days in a month=$71,00030=$2,366.666

Hence, the average daily float is $2,366.667.

c)

Summary Introduction

To calculate: The average daily receipts and weighted average delay.

c)

Expert Solution

Answer to Problem 4QP

The average daily receipts are $633.33 and the weighted average delay is 3.74 days.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month

Compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month=($14,000+$5,000)30=$633.33

Hence, the average daily charge is $633.33.

Formula to compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]

Compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]=4($14,000$19,000)+3($5,000$19,000)=3.74 days

Hence, the weighted average delay is 3.74 days.

Answer 6

Chapter 19, Problem 4QP

a)

Summary Introduction

To calculate: The overall float for a month.

Introduction:

The float is the difference between the bank cash and the book cash, denoting the net effects of checks during the clearing process.

a)

Expert Solution

Answer to Problem 4QP

The total float is $71,000.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the overall float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]

Calculate the collection float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]=4($14,000)+3($5,000)=$71,000

Hence, the total float is $71,000.

Answer 7

Chapter 19, Problem 4QP

a)

Summary Introduction

To calculate: The overall float for a month.

Introduction:

The float is the difference between the bank cash and the book cash, denoting the net effects of checks during the clearing process.

Answer 8

a)

Expert Solution

Answer to Problem 4QP

The total float is $71,000.

Answer 9

a)

Expert Solution

Answer 10

a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the overall float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]

Calculate the collection float:

Total float=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]=4($14,000)+3($5,000)=$71,000

Hence, the total float is $71,000.

Answer 13

b)

Summary Introduction

To calculate: The average float daily.

b)

Expert Solution

Answer to Problem 4QP

The average daily float is $2,366.667.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the average daily float:

Average daily float=Total floatNumber of days in a month

Calculate the average daily float:

Average daily float=Total floatNumber of days in a month=$71,00030=$2,366.666

Hence, the average daily float is $2,366.667.

Answer 14

b)

Summary Introduction

To calculate: The average float daily.

Answer 15

b)

Expert Solution

Answer to Problem 4QP

The average daily float is $2,366.667.

Answer 16

b)

Expert Solution

Answer 17

b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to calculate the average daily float:

Average daily float=Total floatNumber of days in a month

Calculate the average daily float:

Average daily float=Total floatNumber of days in a month=$71,00030=$2,366.666

Hence, the average daily float is $2,366.667.

Answer 20

c)

Summary Introduction

To calculate: The average daily receipts and weighted average delay.

c)

Expert Solution

Answer to Problem 4QP

The average daily receipts are $633.33 and the weighted average delay is 3.74 days.

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month

Compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month=($14,000+$5,000)30=$633.33

Hence, the average daily charge is $633.33.

Formula to compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]

Compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]=4($14,000$19,000)+3($5,000$19,000)=3.74 days

Hence, the weighted average delay is 3.74 days.

Answer 21

c)

Summary Introduction

To calculate: The average daily receipts and weighted average delay.

Answer 22

c)

Expert Solution

Answer to Problem 4QP

The average daily receipts are $633.33 and the weighted average delay is 3.74 days.

Answer 23

c)

Expert Solution

Answer 24

c)

Expert Solution

Answer 25

Expert Solution

Answer 26

Explanation of Solution

Given information:

Once in a month, Person X’s neighbor collects two checks; one check for $14,000 and another check for $5,000. The clearing days of the check after it is deposited is 4 days and 3 days for the larger check and smaller check respectively.

Formula to compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month

Compute the average daily charge:

Average daily receipts=[Average number of days for a larger check to be cleared(Average daily value of larger check)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)]Number of days in a month=($14,000+$5,000)30=$633.33

Hence, the average daily charge is $633.33.

Formula to compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]

Compute the weighted average delay:

Weighted average delay=[Average number of days for a larger check to be cleared(Average daily value of larger checkAverage daily receipts)+Average number of days for a smaller check to be cleared(Average daily value of smaller check)Average daily receipts]=4($14,000$19,000)+3($5,000$19,000)=3.74 days