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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.
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Order Paper Now2. 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.
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