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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:
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