Determine profit using cash and accrual bases and comment on usefulness (LO 1) AP Cassist Enterprises began operations on January 1, 2017. During 2017 and 2018, the company entered into the following transactions 1. Cash collected from customers during the year for services provided that year 2. Accounts receivable at year end for services provided on account during the year. 3. Cash collected from customers for services provided on account the previous year. 4. Cash collected from customers for services to be provided the following year 5. Services provided to customers who had paid cash in advance the previous year 6. Cash paid for operating expenses incurred during the year 7. Accounts payable at year end for operating expenses incurred on account during the year. 8. Cash paid to creditors for operating expenses incurred on account during the previous year 2017 2018 S50.250 S55,430 12,070 18,080 0 12,070 4,5801,760 0 4,580 17,380 18,990 2,199 3.120 0 2,199 Instructions (a) Calculate revenue, operating expenses, and profit for 2017 and 2018 using cash basis accounting (b) Calculate revenue, operating expenses, and profit for 2017 and 2018 using accrual basis accounting (c) Which basis of accounting (cash or accrual) gives more useful information for decision-makers? Explain