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 firm's net profit for the past year b. Using cash accounting and the preceding values, show the firm's 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 firm's 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.)