b) 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 he returned for a full refund credit within 90 days. In 2014. Thomas shipped and billed book titles totaling $620,000. Collections, net of return credits. during the year totaled $561,050. The company spent $259 acquiring the books that it shipped. Using accrual accounting and the preceding values, show the rm's net prot for the past year in the following table. - Sales revenue: $6 20,000 - Less:Costs:$240,259 0 NetProfit:$3?9,?41 Using cash accounting and the preceding values, show the firm's net cash ow for the past year in the following table - Cash inow: $56 1,050 - Less: Cash Outow: $240,259 - Net Cash ow: $320,979 1 Which is more useful to the nancial manager? 'I The cash ow statement because it recognizes amounts that will not he collected and, as a result, will not contribute to the wealth of the