The Nifty Threads Company, a popular clothing store, had the following transactions for 2004.

1. Nifty Threads purchased $600,000 of clothing from several manufacturers, on credit.

2. The company sold clothing on credit at prices totaling $855,000.

3. The cost of clothing sold to customers was $491,000.

4. The company received a discount of $35,000 on its purchases.

5. The company received $788,000 in cash from customers.

6. The company paid $565,000 to the clothing manufacturers.

7. The company granted $22,000 of sales discounts to customers for payment within the discount period.

8. The company estimated that $16,000 of the year’s credit sales would be uncollectible.

9. The company wrote off $12,000 as uncollectible.

a. Using the format shown in this chapter, record each of the transactions.

b. Determine the amount of net income and net operating cash flow associated with these transactions.