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.
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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?The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)Provide answer the following requirements for this accounting question
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- For the fiscal year, sales were $25,565,000 and the merchandise sold cost of was Is $15,400,000. What was the amount of gross profit? If total operating expenses were $4,550,000, could you determine net income? Customer Refunds Payable an asset, liability, or owner's equity account and what is its normal balance? Is Estimated Returns Inventory an asset, liability, or owner's equity account and what is its normal balance?Answer this general accounting questionRevenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000 $610,000 Cost of goods sold 434,620 347,700 Selling expenses 105,150 103,700 Administrative expenses 119,170 122,000 Income tax expense 21,030 12,200 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent $fill in the blank 6de34503cfdf061_2 fill in the blank 6de34503cfdf061_3% $fill in the blank 6de34503cfdf061_4 fill in the blank 6de34503cfdf061_5% fill in the blank 6de34503cfdf061_7 fill in the blank 6de34503cfdf061_8% fill in the blank 6de34503cfdf061_9 fill in the blank 6de34503cfdf061_10% Gross profit $fill in the blank…
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