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Les Fleurs Merchandising: Compute sales, cost of good sold,

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Assignment Type: Individual Project

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

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Solution Summary

This solution is comprised of a detailed explanation to compute sales, cost of good sold, gross profit, and net income.

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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 ...

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