Compuny$90,000(a)81,00056,000(b)15,000(c)(d)$ 5,00095,000SalesSales returnsNet salesCost of goods soldGross profitOperating expensesNet income41,50015,000InstructionsDetermine the missing amounts.8-9 J. Ackbar, a former professional tennis star, operates Ackbar's Tennis Shop at the MillerLake Resort. At the beginning of the current season, the ledger of Ackbar's Tennis Shop showedCash $2,500; Merchandise Inventory $1,700; and Common Stock $4,200. The following trasac-tions were completed during April.Apr. 4 Purchased racquets and balls from Jay-Mac Co. $640, FOB shipping point, terms 2/10,Journalize, post, and prepare atrial balance.(SO 2, 3, 4)n/30.6 Paid freight on purchase from Jay-Mac Co. $40.8 Sold merchandise to members $1,150, terms n/30. The merchandise sold had a costof $790.10 Received credit of $40 from Jay-Mac Co. for a damaged racquet that was returned.11 Purchased tennis shoes from Venus Sports for cash, $420.13 Paid Jay-Mac Co. in full.

Answered: Image /qna-images/answer/ac97da84-1eed-49de-ad1a-60f277e177aa.jpg

Answered: $90,000 (a) 81,000 56,000 (b) 15,000…

$90,000 (a) 81,000 56,000 (b) 15,000 (c) (d) $ 5,000 95,000 (e) 41,500 (f) 15,000 Sales Sales returns Net sales Cost of goods sold Gross profit Operating expenses Net income ne missing amounts. Shop

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5MC: Ngo Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted to...

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Question

Compuny
$90,000
(a)
81,000
56,000
(b)
15,000
(c)
(d)
$ 5,000
95,000
Sales
Sales returns
Net sales
Cost of goods sold
Gross profit
Operating expenses
Net income
41,500
15,000
Instructions
Determine the missing amounts.
8-9 J. Ackbar, a former professional tennis star, operates Ackbar's Tennis Shop at the Miller
Lake Resort. At the beginning of the current season, the ledger of Ackbar's Tennis Shop showed
Cash $2,500; Merchandise Inventory $1,700; and Common Stock $4,200. The following trasac-
tions were completed during April.
Apr. 4 Purchased racquets and balls from Jay-Mac Co. $640, FOB shipping point, terms 2/10,
Journalize, post, and prepare a
trial balance.
(SO 2, 3, 4)
n/30.
6 Paid freight on purchase from Jay-Mac Co. $40.
8 Sold merchandise to members $1,150, terms n/30. The merchandise sold had a cost
of $790.
10 Received credit of $40 from Jay-Mac Co. for a damaged racquet that was returned.
11 Purchased tennis shoes from Venus Sports for cash, $420.
13 Paid Jay-Mac Co. in full.

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