Please do not give solution in image format thanku esHintPrinta-1. Prepare an income statement for Deloch's first year of operation.a-2. Prepare a statement of cash flows for Deloch's first year of operation.Complete this question by entering your answers in the tabs below.Required A1 Required A2Prepare an income statement for Deloch's first year of operation.DELOCH STEREOSIncome StatementRequired A1 Required A2Complete this question by entering your answers in the tabs below.$Cash flows from operating activitiesPrepare a statement of cash flows for Deloch's first year of operation. (Cash outflows should be indicated with a minus sign.)DELOCH STEREOSStatement of Cash FlowsNet cash flow from operating activitiesCash flows from investing activitiesCash flows from financing activitiesNet change in cashEnding cash balance00$$000Check my wOTK 3Problem: Module 3 Textbook Problem 31Learning Objective: 3-4 Show how warranty obligations affect financial statementsTo 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 $165,000 and sold them for $310,000 cash. She provided her customers with a one-yearwarranty against defects in parts and labor. Based on industry standards, she estimated that warranty claims would amount to 4percent of sales. During the year, she paid $2,350 cash to replace a defective tuner.Requireda-1. Prepare an income statement for Deloch's first year of operation.a-2. Prepare a statement of cash flows for Deloch's first year of operation.Complete this question by entering your answers in the tabs below.Required A1 Required A2

INCOME STATEMENT -An income statement is a financial statement that includes revenue earned and…

3 Problem: Module 3 Textbook Problem 31 Learning Objective: 3-4 Show how warranty obligations affect financial statements 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 $165,000 and sold them for $310,000 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 4 percent of sales. During the year, she paid $2,350 cash to replace a defective tuner. Required a-1. Prepare an income statement for Deloch's first year of operation. a-2. Prepare a statement of cash flows for Deloch's first year of operation. Complete this question by entering your answers in the tabs below. Required A1 Required A2

3 Problem: Module 3 Textbook Problem 31 Learning Objective: 3-4 Show how warranty obligations affect financial statements 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 $165,000 and sold them for $310,000 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 4 percent of sales. During the year, she paid $2,350 cash to replace a defective tuner. Required a-1. Prepare an income statement for Deloch's first year of operation. a-2. Prepare a statement of cash flows for Deloch's first year of operation. Complete this question by entering your answers in the tabs below. Required A1 Required A2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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