Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2
Purchases.....................
|
250,000
|
FreightIn.................. |
8,000
|
| Salesdiscounts............. |
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 |
Compute the following for Les Fleurs during 20X2: Net income, Bance sheet and Owners equity.