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
|
Calculate 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