Hoyes Lumber Generally Receives 3 Checks a Month

question 14

Multiple Choice

Hoyes Lumber generally receives 3 checks a month. The check amounts and the collection delay for each check are shown below. Given this information, what is the amount of the average daily float? Assume each month has 30 days.

• A)$1,386.67
• B)$1,407.19
• C)$4,750.00
• D)$6,833.33
• E)$6,933.33

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