1. Modos Company has deposited $4,180 in checks received from customers. It has written $1,580 in checks to its suppliers. The initial bank and book balance was $490. If $3,440 of its customer's checks have cleared but only $430 of its own, calculate its float. $510 $410 $560 $1,170.
2. Kantorovich Company normally takes 27 days to pay for its average daily credit purchases of $2,300. Its average daily sales are $3,300, and it collects accounts in 22 days. What is its net credit position? Note that a negative position implies receivables exceed payables. ($12,500) ($10,500) $11,500 $10,500.