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Determine income on a cash basis

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The following data relates to Jones Company for the year ended December 31, 2011

Sale on credit $80,000

Cost of inventory sold on credit 65,000

Collection from customers 60,000

Purchase of inventory on credit 50,000

Payment for purchases 55,000

Cash collections for common stock 30,000

Dividends paid 10,000

Payment to salesclerk 10,000

Requested:

Question a. Determine your income on an accrual basis

Question b. Determine your income on a cash basis

Reference no: EM132643744

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