1. You start a business selling shoes to the local farmers. The first month you buy 57 pairs of shoes from the manufacturer for $13.76/pair and then sell them for $29.50/pair to the farmers. If you make all sales on credit (60 day terms) and all purchases with cash, what are your net income and cash flow for the first month (assuming you sell all of the shoes)? Net Income Cash flow a) $1,681.50 $897.18 b) ($897.18) ($784.32) c) $1,207.18 $1,681.50 d) $897.18 ($784.32) NEF e) ($784.32) $897.18 6