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Question - 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 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.
(a) Using accrual accounting and the preceding values, show the firms net profit for the past year.
(b) Using cash accounting and the preceding values, show the firms net cash flow for the past year.
(c) Which statements is more useful to the financial manager? Why?
Total sales for ApplianceCenter were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales - Joe Rossen opened a pizza shop. He insured his shop for $90,000 for fire. What is his insurance premium if the rate per $10..
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