The following data relate to Jones Company for the year ended December 31, 1999:
| Sales on credit Don't use plagiarized sources. Get Your Custom Essay on determine income on a cash basis 544143 For $10/Page 0nly | $80,000 |
| Cost of inventory sold on credit | 65,000 |
| Collections from customers | 60,000 |
| Purchase of inventory on credit | 50,000 |
| Payment for purchases | 55,000 |
| Cash collections for common stock | 30,000 |
| Dividends paid | 10,000 |
| Payment to salesclerk | 10,000 |
Required
a. Determine income on an accrual basis.
b. Determine income on a cash basis.
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