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4 015 (0 complete) HW Score: 0%, 0 of 5 p 1-2 (similar to) E Question Help Accrual income versus cash flow for a period. 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 2018, Thomas shipped and billed book titles totaling $790,000 Collections, net of return credits, during the year totaled $719,155. The company spent $318,152 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 of these statements is more useful to the financial manager? Why? a. Using accrual accounting and the preceding values, show the firms net profit for the past year in the following table. (Round to the nearest dollar.) Accounting View (acerual Thomas Book Sales, Inc Income Statement for the Year Ended 12/31 Sales revenue
i Question Help * has just sold an asset purchased two years ago with a realized capital OP T- (slaic Ross Company, a manufacturer of pharmaceuticals, has pretax ordinary income of 5000 and has just sold an asset purchased two gain of $25,000. Using this table E calculate the tax Babilly for the company this y The tax iability this year is s(Round to the nearest dollar.)
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Thomas book sales Inc. Accural Accounting Entery Accounting View (Accuaral basis) Sr No Particular Debit $ Credit $ Thomas book sales.inc Inconme statement for the year 12/31 bank 790,000 Amount$ Sales Less Sales Retun Expenses Net Profit To sales 790,000 790,000 70,845 2 Sales return To bank 70,845 318,152 401,003 70,845 3 Expenses To Bank 318,152 318,152 Cash Accounting Entery Accounting View (Cash basis) Sr No Particular Debit $ Credit $ Thomas book sales.inc Inconme statement for the year 12/31 1 bank 719,155 Amount$ To sales 719,155 Sales Less 719,155 2 Expenses To Bank 318,152 318,152 Expenses Net Profit 318,152 401,003 Comment As a financial manager Thomas book sales Inc. Shall go for accuaral basis accounting, for clear & understadning method above method is easy to understand

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