QUESTION $4$

Silver Store reported the following information: Sales $$620,000$; Sales Returns and Allowances $$32,000$; Sales Discounts $$10,200$; Cost of Goods Sold $$422,000$; Depreciation Expense $$10,000$; Freight Out $$5,000$; Interest Expense $$1,700$; Rent Expense $$15,000$; and Salaries Expense $$80,000.$

Calculate the following amounts: $($a$)$ net sales, $($b$)$ gross profit, $($c$)$ total operating expenses, $($d$)$ profit from operations, and $($e$)$ profit.

QUESTION $5$

The trial balance of Yee Clothing Companyat December $31$ shows Merchandise Inventory $$25,000$; J$.$ Yee, Capital $$12,000$; Sales $$162,400$; Sales Returns and Allowances $$4,800$; Sales Discounts $$950$; Cost of Goods Sold $$110,000$; Rental Revenue $$6,000$; Freight Out $$1,800$; Rent Expense $$8,800$; Salaries Expense $$22,000$; and J$.$ Yee, Drawings $$3,600.$ Yee Clothing Company's statement of owner's equity for the year showed profit of $$20,050$ and closing owner's capital of $$28,450.$

a$.$ Prepare the closing entries for the above accounts.

b$.$ Create T accounts for Income Summary and J$.$ Yee, Capital, and post the closing entries to these accounts.