Calculate following for les fleurs in 20x2 do not convert, Ask an Expert

Accounting

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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M917375

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