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 Forsmplicity, assume there are no returns and no bad debts (e, bookstores pay on time) This year, Thomas shipped and billed book titles totaling $760,000 Collections, during the year totaled $600,000 The company spent $300,000 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 fem's net cash flow for the past year c. Explan why the accrual and cash accounting methods show different net protes. How do the two prost figures provide different information to the financial manager? 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 (accrual basis) Thomas Book Sales, Inc. Income Statement for the Year Ended 12/31 Sales revenue

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 Forsmplicity, assume there are no returns and no bad debts (e, bookstores pay on time) This year, Thomas shipped and billed book titles totaling $760,000 Collections, during the year totaled $600,000 The company spent $300,000 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 fem's net cash flow for the past year c. Explan why the accrual and cash accounting methods show different net protes. How do the two prost figures provide different information to the financial manager? 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 (accrual basis) Thomas Book Sales, Inc. Income Statement for the Year Ended 12/31 Sales revenue

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1 On Jan1, business bought one equipment for $55,000. The estimated useful life is 5 years with no residue value. 2 On Dec31, 2020, Business checked unexpired the insurance policy remaining $2,030. And business has $25,000 debit balance on prepaid insurance account at Dec31, 2020 before any year-end adjusting entries 3 On Jan1, The business has paid four and half year rent $54,000. Now the first year has passed. Please record the adjusting entry on Dec31, 2020 4 On Jan1, 2020 the business had $820 debit balance. And the additional office supplies $2,530 were purchased during the year. Now on Dec31, 2020, there were only $230 of supplies left over there on hand 5 Three-fourth of the work for $220,000 service fees received in advance has been performed 6 Apr1, 2020 the business bought an auto for $62,000, its estimated us life is 4 years with residue value $4,000 at the end of its useful life 7 Dec31, 2020 the business found unrecorded and unpaid salary and wages for $8,500. The owing…
mn.3 answer must be in proper fomat or i will give down vote