1. ABC Company writes 251 checks a day for an average amount of $325 each. These checks generally clear the bank in 2 days. In addition, the firm generally receives an average of $146,508 a day in checks that are deposited immediately. Deposited funds are available in 1 days. What is the firm's net float?

2. ABC Company has annual sales of $485,748 and cost of goods sold of $198,600. The average accounts receivable balance is $74,256. How many days on average does it take the firm to collect its accounts receivable? Assume 365 days.