ACCRUAL INCOME VERSU CASH FLOW, Financial Management

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Thomas book sales, inc. supplies texbooks to college and university bookstore. The books are shipped with a proviso that they must be paid for within 30 days but can be returned for full refund credit within 90 days. In 2009 Thomas shipped and billed book titles totaling $760,000. Collections, net of return credits, during the year totaled $690,000. The company spent $300,000 acquiring the books that it shipped. Using accrual accounting and the preceding values,show the firm''s net profit for the past year

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