1 Tuesday by 11:59pm Points 16 Submitting atext eri Use Example 1.3 on pages 17-18 in the book to work on the following prohl. 1. Accrual income versus cash ow for a period. Thomas Book Sales, Inc., supplies textbooks to college and university bookstores. The with a proviso that they must be paid for within 30 days but can be returned for a full refuri 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 rm's net prot fort following table. (Round to the nearest dollar.) he past ._ Accounting View (accrual basis) Sales revenue: Less: Costs Net prot: b. Using cash accounting and the preceding values, show the rm's net cash ow for the past following table. (Round to the nearest dollar.) Financial View (cash basis) Cash inow: Less: Cash outflow Net cash flow: 0. Which is more useful to the nancial manager? A.The income statement because it recognizes revenues at the time of sal' not) and recognizes expenses when they are incurred. (Select the best