Accrual income versus cash flow for a period. Thomas Book​ Sales, Inc., supplies textbooks to college and university b

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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. 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 $730,000. ​ Collections, during the year totaled ​$667,816. The company spent ​$285,819 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?Question content area bottomPart 1a.  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 Statementfor the Year Ended​ 12/31Sales revenue