10:57 XY, Inc., supplies textbooks to college and university bookstores. The books are shipped with a condition that they must be paid for within 30 days but can be returned for a full refund credit within 90 days. In 2009, XY shipped and billed book titles totaling $ 760,000. Collections, net of return credits, totaled $ 690,000 during the year. The company spent $ 300,000 acquiring the books that it shipped and XY company paid in cash 50% and the rest on credit. Using cash accounting and the preceding values, show the past year