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To support herself while attending school, Daun Deloch sold stereo systems to other students. During...

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Accounting

To support herself while attending school, Daun Deloch sold stereo systems to other students. During the first year of operations, Deloch purchased the stereo systems for $138,000 and sold them for $258,000 cash. She provided her customers with a one-year warranty against defects in parts and labor. Based on industry standards, she estimated that warranty claims would amount to 6 percent of sales. During the year, she paid $1,480 cash to replace a defective tuner.

Required

a-1. Prepare an income statement for Delochs first year of operation.

a-2. Prepare a statement of cash flows for Delochs first year of operation.

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