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Q1) Les Fleurs, boutique in Paris, France, had given accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E")

Purchases

E250,000

Freight In

E8,000

Sales discounts

4,000

Purchase returns

7,000

Inventory

 

Sales

400,000

December 31, 20X1

20,000

Purchase discounts

3,000

December 31, 20X2

30,000

Sales returns

8,000

Administrative Expenses

20,000

 

 

 

Balance Sheet - December 31, 20X1

Cash

10,000

 

Inventory

20,000

 

Owner's Equity

 

30,000

find out following for Les Fleurs in 20X2: (Do not convert figures to US dollars.)

1. Net income
2. Cost of goods sold
3. Gross profit
4. Net sales revenue
5. Balance sheet, December 31, 20X2
6. Statement of Owner's Equity, December 31, 20X2

Accounting Basics, Accounting

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  • Reference No.:- M917375

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