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shipped and billed book titles totaling $\$ 710,000$. Collections, during the year totaled $\$ 651,718$. The company spent $\$ 283,138$ 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 firm's net cash flow for the past year. c. Explain why the accrual and cash accounting methods show different net profits. How do the two profit 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 $\$ \square$

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