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Question
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Sep 14, 2009, 11:03 PM
| | New Member  | | Join Date: Sep 2009
Posts: 2
| | | I am trying to figure out the net income, come up with a balance sheet
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.)
Net sales revenue
Cost of goods sold
Gross profit
Net income
Balance sheet, December 31, 20X2
Statement of Owner's Equity, December 31, 20X2
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Answers
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Sep 15, 2009, 02:17 PM
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#2
| | Ultra Member
Join Date: Feb 2008 Location: USA
Posts: 3,723
| Quote:
December 31, 20X1….. 20,000
Purchase discounts…. 3,000
December 31, 20X2….. 30,000
Sales returns…………. 8,000
| What is the 20,000 and 30,000? The information is confusing. (I don't know if you tried to do columns but they don't stay when you submit it.) There's also a lot of jumping back and forth between 2001 and 2002. Quote: |
Administrative Expenses 20,000
| What year? That's pretty easy -- net sales is just the sales less any discounts and returns. I don't see from this information how this can be done. Quote:
Balance sheet, December 31, 20X2
Statement of Owner's Equity, December 31, 20X2
| I also don't see any way to get this. There may be more information somewhere that is not presented here. |
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Nov 2, 2009, 09:16 AM
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#3
| | New Member
Join Date: Nov 2009
Posts: 15
| I need a balance sheet | |
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Nov 2, 2009, 10:44 PM
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#4
| | New Member
Join Date: Oct 2009
Posts: 22
| Quote:
Originally Posted by 47flower  I need a balance sheet | Hi 47 Flower,
See the attached spreadsheet for all the computations. Vital Knowledge | |
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Nov 4, 2009, 08:39 AM
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#5
| | New Member
Join Date: Nov 2009
Posts: 15
| What is the balance sheet for Les Fleurs Boutique and show what goes on the balance sheet. | |
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Nov 4, 2009, 08:46 AM
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#6
| | New Member
Join Date: Nov 2009
Posts: 15
| How does the balance sheet look for Les Fleurs Boutique and what exactly to you put on the balance sheet? We have purchases, Sales discounts, inventory, administrative expenses, Freight In, Purchase returns, Sales, Purchase discounts, and sales returns | |
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Nov 4, 2009, 11:00 AM
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#7
| | New Member
Join Date: Oct 2009
Posts: 22
| Quote:
Originally Posted by 47flower How does the balance sheet look for Les Fleurs Boutique and what exactly to you put on the balance sheet? We have purchases, Sales discounts, inventory, administrative expenses, Freight In, Purchase returns, Sales, Purchase discounts, and sales returns | Did you miss the attachment i posted?
You dont include sales discounts, administrative expenses, freight in, purchase returns, sales, purchase dicounts and sales returns on the balance sheet. These are income statement line items. Is that what you were looking for? If it is, just take the components up to net income in my attachment and combine them.
Balance sheet includes Assets (Ex: Cash, Marketable securities, Accounts Receivable, Inventory, Equipment, Patents, Goodwill, etc.), Liabilities (Accounts Payable, Notes Payable, etc.), Equity (Common Stock, Additional Paid in Capital, Retained Earnings etc.)
Hope this helps.... if it doesn't, it might help for you to go back and re-read a few of those chapters from your accounting text. | |
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