Purchase Solution

Accounting for Merchandising Organizations

Not what you're looking for?

Ask Custom Question

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

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

Purchase this Solution
Solution Summary

Ms excel file contains all the details including steps and solution and formula for calculating net sales revenue , cost of goods sold and gross profit.

Solution Preview

Hello

Thanks for directing this posting to me. Here is the excel file ...

Purchase this Solution
Free BrainMass Quizzes
SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Motivation

This tests some key elements of major motivation theories.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

View More Free Quizzes
Related BrainMass Solutions

  • Accounting for Merchandising Organizations - La Fleur

    Thanks Accounting and merchandising for La Fleur organization.

  • The steps in the accounting cycle for a merchandising compan

    The steps in the accounting cycle for a merchandising company are different from the accounting cycle for a service company.

  • Internal Controls

    Discuss some of the differences in internal controls between merchandising, manufacturing and service organizations. Use examples to help illustrate these differences.

  • Managerial accounting and financial accounting

    Preparation of budgets is part of financial accounting. – False. This is a job of managerial accounting 4. Managerial accounting applies only to merchandising and manufacturing companies. – False, it applies to all organizations 5.

  • Accounting cycle for a merchandising firm vs service firm

    475072 Accounting cycle for a merchandising firm vs service firm Do the steps in a merchandising firm's accounting cycle tend to be more condensed? Is the Accounting cycle for a merchandising firm more condensed than that of a service firm?

  • Les Fleurs, a boutique in Paris, France

    76480 Introduction to Accounting-Accounting for Merchandising Organizations 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.........

  • Cost of goods sold

    242617 Accounting for Merchandising Organizations 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.....................

  • What are the purposes of accounting codes? How are they used

    480630 What are the purposes of accounting codes What are the purposes of accounting codes? How are they used? What are some examples of codes used by manufacturing firms, accounting firms, and merchandising firms?

  • Value chain and Inventory

    Inventory is often discussed in terms of goods for sale; organizations - manufacturers, service-providers - also have inventories. Inventories are not only intended for sale to customers it may also be held in any premises an organization for use.

View More Related Solutions