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Sunstar a boutique in Paris, had the accounts given below in its accounting records at December 31, 2012 (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, 2011            20,000
Purchase discounts          3,000           December 31, 2012            30,000
Sales returns                  8,000           Administrative Expenses      20,000

Balance Sheet - December 31, 2011

Cash                   10,000     Inventory    20,000
Owner's Equity     30,000

find out for Sunstar during 2012:

1) Net sales revenue

2) Balance sheet, December 31, 20X2

3) Gross profit

4) Net income

5) Cost of goods sold

6) Statement of Owner's Equity, December 31, 2012

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99874

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