The following data relate to Jones Company for the year ended December 31,2011

Sales on Credit	80,000
Cost of invertory sold on credit	65,000
Collections from customers	60,000
purchase of inventory on credit	50,000
payment of purchases	55,000
cash collections from common stock	30,000
dividens paid	10,000
payment to salesclerk	10,000

A) Determine income on an accrual basis

B) Determine income on a cash basis