Les Fleurs, a boutique in Paris, France, had the following 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
|
Compute the following for Les Fleurs during 20X2: (Do not convert the figures to US dollars.)
1.Net sales revenue
2.Cost of goods sold
3.Gross profit
4.Net income
5.Balance sheet, December 31, 20X2
6.Statement of Owner's Equity, December 31, 20X2