Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Can you please help me with this problem ??? To support herself while attending school, Daun De, ch sold tereo systems to other students. Du,

Can you please help me with this problem ??? image text in transcribed
image text in transcribed
To support herself while attending school, Daun De, ch sold tereo systems to other students. Du, g operations, Daun purchased the stereo systems for $210,000 and sold them for $320,000 cash. She with a one-year warranty against defects in parts and iabor Based on industry standards, she estimated that warrar would amount to 2 percent of sales. During the year, she paid $3,520 cash to replace a defective tuner Required Prepare an income statement and statement of cash flows for Daun's first year of operation. (Statement of Cash Fle items to be deducted must be indicated with a negative amount.) Answer is complete and correct. DAUN'S STEREOS State |$ 320,000 01210000) 110.000 Cost of goods sold 6.400 103,600 Next > 6 Statement of Cash $ 320,000 (210,000) Inflow from customers Outflow for warranty expense(3.520) Inflow from expenses | 106.4800 212,960 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities $212,960 Ending cash balance $212,960 What is Daun's total warranties liability at the end of the accounting period? Answer is complete but not entirely correct. s 3,150 C To support herself while attending school, Daun De, ch sold tereo systems to other students. Du, g operations, Daun purchased the stereo systems for $210,000 and sold them for $320,000 cash. She with a one-year warranty against defects in parts and iabor Based on industry standards, she estimated that warrar would amount to 2 percent of sales. During the year, she paid $3,520 cash to replace a defective tuner Required Prepare an income statement and statement of cash flows for Daun's first year of operation. (Statement of Cash Fle items to be deducted must be indicated with a negative amount.) Answer is complete and correct. DAUN'S STEREOS State |$ 320,000 01210000) 110.000 Cost of goods sold 6.400 103,600 Next > 6 Statement of Cash $ 320,000 (210,000) Inflow from customers Outflow for warranty expense(3.520) Inflow from expenses | 106.4800 212,960 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities $212,960 Ending cash balance $212,960 What is Daun's total warranties liability at the end of the accounting period? Answer is complete but not entirely correct. s 3,150 C

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions