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Problem 1-5 The Following data relate to Jones Company for the Year ending December 31, 2009. Sales on Credit $80,000.00 Cost of Inventory sold on...

Problem 1-5

The Following data relate to Jones Company for the Year ending December 31, 2009.

Sales on Credit $80,000.00
Cost of Inventory sold on credit $65,000.00
Collections from customers $60,000.00
Purchase of Inventory on Credit $50,000.00
Payment for purchases $55,000.00
Cash Collections for common stock $30,000.00
Dividends Paid $10,000.00
Payment to Salesclerk $10,000.00
A. Determine income on an Accrual Basis

B. Determine income on a Cash Basis

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