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. For​ simplicity, assume there are no returns and no bad debts​ (i.e., bookstores pay on​ time). This​ year, Thomas shipped and billed book titles totaling $660,000. Collections, during the year totaled $603,316. The company spent $266,861 acquiring the books that it shipped. a. Using accrual accounting and the preceding​ values, show the​ firm's net profit for the past year.   Sales Revenue............? Less: Costs...................? Net Profit......................?       b. Using cash accounting and the preceding​ values, show the​ firm's net cash flow for the past year.   Cash Inflow...............? Less: Cash Outflow.................? Net Cash Flow.....................?   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?  ​(Select the best answer​ below.)   A. The cash flow statement is more useful because it recognizes revenues at the time of sale​ (whether payment has been received or​ not) and recognizes expenses when they are incurred.   B. The income statement is more useful because it recognizes revenues at the time of sale​ (whether payment has been received or​ not) and recognizes expenses when they are incurred.   C. A financial manager will find the cash flow statement more useful. Accounting net income includes uncollected revenues that do not contribute to owner wealth. Cash​ flows, not accounting​ profits, matter to shareholders. The cash flow statement is more useful because it recognizes amounts that will not be collected​ and, as a​ result, will not contribute to the wealth of the owners.   D. A financial manager will find the income statement more useful. Accounting net income includes uncollected revenues that do not contribute to owner wealth. Cash​ flows, not accounting​ profits, matter to shareholders. The income statement is more useful because it recognizes amounts that will not be collected​ and, as a​ result, will not contribute to the wealth of the owners.

Medwig Corporation has a DSO of 24 days. The company averages $7, 750 in sales each day ( all customers take credit). What is the company's average accounts receivable? Assume a 365 day year. Round your answer to the nearest dollar. $

.    With regard to accounts payable: Explain the rationale of taking a cash discount, such as 4/8, n/30. Assume a purchase of $1,000,000. include computations Additionally, determine the approximate balance of accounts payable, if a company stretches its payables to 40 days and on average, they make purchases of $1,000,000 per day from their vendors.

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 but can be returned for a full refund credit within 90 days. In 2018, Thomas shipped and billed book titles totaling $830,000. Collections, net of return credits, during the year totaled $758,315. The company spent $315,712 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. Which of these statements is more useful to the financial manager? Why? 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…

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Rangling Company, buys goods from A.J. Stop Company that gives sales terms of 2.5/10, net 30 days.  Rangling has annual gross purchases of $1,000,000.  Calculate the maximum amount of costly trade credit that Rangling could get, assuming it abides by the A.J.’s credit terms? (Assume a 365-day year.)

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Karim Corp. requires a minimum $9,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $9,400, and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow.    July   August   September   Cash receipts $ 25,000   $ 33,000   $ 41,000   Cash payments   29,500     31,000     33,000     Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.)      KARIM CORP. Cash Budget For July, August, and September   July August September Beginning cash balance $9,400             Total cash available                       Preliminary cash balance               Ending cash…