e a Test Kenyetta Washington Google Chrome www.mathxl.com /Student/PlayerTest.aspx?testld 3100542727¢erwin yes ps:// Kenyetta Washington 5/14/15 10:04 z: Chapter 1 Quiz tion 2 of 4 This Test: 4 pts Question: 1 pt crual 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 ys but can be returned for a full refund credit within 90 days. In 2014. Thomas shipped and billed book titles totaling $900,000. Collections, net of return credits, during the year totaled $824,548. The company ent 13 acquiring the books that it shipped. Using accrual accounting and the preceding values, show the firm's net profit for the past year Using cash accounting and the preceding values, show the firm s net cash flow for the past year Which of these statements is more useful to the financil manager? Why? 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 (accrual basis Thomas Book S Inc. Income Statement for the Y Ended 12/31 Sales revenue Less: Costs Net profit show the firm's net cash flow for the past year in the following table. ound to the nearest dollar. Using cash accounting and the preceding values, Financial View (cash basis) Thomas Book Sales, Inc. Cash Flow Statement for the Y Ended 12/31 Cash inflow k to select your answer(s) Save for Later Next Question Submit Quiz