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Accrual accounting and the preceding? values

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Reference no: EM132523656

Thomas Book? Sales, Inc., supplies textbooks to college and university bookstores. The books are shipped with a proviso that they must be paid for within 30 days but can be returned for a full refund credit within 90 days. In? 2014, Thomas shipped and billed book titles totaling ?$750,000.

?Collections, net of return? credits, during the year totaled $678,002.The company spent $288,474 acquiring the books that it shipped.

a. Using accrual accounting and the preceding? values, show the? firm's net profit for the past year in the following table.  ? (Round to the nearest? dollar.)

Accounting View

?(accrual basis)

Sales revenue:

?Less: Costs

Net profit:

b. Using cash accounting and the preceding? values, show the? firm's net cash flow for the past year in the following table. ? (Round to the nearest? dollar.)

Financial View

?(cash basis)

Cash inflow:

?Less: Cash outflow

Net cash flow:

Reference no: EM132523656

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