Sdrved 1 Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. Vail engaged in the followin transactions during the year. Sales tax of 8 percent is collected on all sales 6 points 1. Book sales, not including sales tax, for the year amounted to $277000 cash. 2. Cash sales of miscellaneous items for the year were $150,000, not including tax. 3. Cost of goods sold was $212,000 for the year. 4. Paid $132.000 in operating expenses for the year. 5. Paid the sales tax collected to the state agency eBook Required a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? b. What is the Vail Book Mart's net income for the year? Print Deferences a Sales tax collected Net Income 2 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 $167,000 and sold them for $314,000 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 5 percent of sales. During the year, she paid $2,270 cash to replace a defective tuner. Required 4-1. Prepare an income statement for Deloch's first year of operation 0-2. Prepare a statement of cash flows for Deloch's first year of operation, 10 points BOOK Complete this question by entering your answers in the tabs below. Dim Required A1 Required A2 rences Prepare an income statement for Deloch's first year of operation DELOCH STEREOS Income Statement Required > 2 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 $167,000 and sold them for $314.000 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 5 percent of sales. During the year, she paid $2,270 cash to replace a defective tuner. Required 0-1. Prepare an income statement for Deloch's first year of operation 6-2. Prepare a statement of cash flows for Deloch's first year of operation 10 points ebook Complete this question by entering your answers in the tabs below. Required A1 Required a Prepare a statement of cash flows for Deloch's first year of operation. (cash outflows should be indicated with a minus sign.) DELOCH STEREOS Statement of Cash Flows Cash flows from operating activities Natashow from operating activities Cashows from investigaci Cash Bows from financing activities Net change in Ending chance