Need help with this general accounting question Horizon Retail made $250,000 in sales to customers, ofwhich $180,000 was collected in cash. The companyincurred $90,000 in expenses, of which $50,000 was paidin cash.(A) Calculate the Accrual Basis Net Income and Cash BasisNet Income.(B) Determine the Return on Sales Ratio for each method.

To calculate the Accrual Basis Net Income and Cash Basis Net Income, and the Return on Sales Ratio…

Answered: Horizon Retail made $250,000 in sales…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
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Horizon Retail made $250,000 in sales to customers, of which $180,000 was collected in cash. The company incurred $90,000 in expenses, of which $50,000 was paid in cash. (A) Calculate the Accrual Basis Net Income and Cash Basis Net Income. (B) Determine the Return on Sales Ratio for each method.