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