Please help me with answer 4, 5, and 7. I'm a little confused.
Les Fleurs, a boutique in Paris, France

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
4. Net income
5. Balance sheet, December 31, 20X2
7. Statement of Owner's Equity, December 31, 20X2

See this thread:
http://www.askmehelpdesk.com/accounting/am-trying-figure-out-net-income-come-up-balance-sheet-396556.html

I don't know what some of the numbers represent. I don't see where there's enough info to figure it out, and you've included less info than the other post.

I need to know how to do 4, 5, and 7. With net income, how do you know what depreciations they are asking for?



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
Purchase returns…….. 7,000
Purchase discounts…. 3,000

Freight In……………… E8,000
Sales.......... 400,000
Sales discounts…………. 4,000
Sales returns…………. 8,000


Inventory
December 31, 20X1….. 20,000
December 31, 20X2….. 30,000
Administrative Expenses..... 20,000

Balance Sheet
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
7. Statement of Owner's Equity, December 31, 20X2

Obviously, you did not bother to actually read my post on the link I sent you to.

Go to www.x.rate.com. Use historic lookup. Find the rate for the year you are doing in the currency, you are using. Your income statement will look similar to the one below:

Your Company
INCOME STATEMENT
For the year ending December 31, 2007

Canadian Exchange Rate U.S. Dollars
Revenues 4,600,000
Cost of goods sold 11,000,000
Gross Profit 2,500,000
Sales Expense 44,600,000
General and administrative expense 7,000,000
Depreciation expense 29,000,000
Net Income
Use you total and the exchange rate to get u.s. $. Hope this is a help to you.

(Do not convert the figures to US dollars.)

Did you read this part of the problem?

Do forgive me. An oversight on my part.

You're forgiven. :-)

Professional answers from me? Are you confusing me with someone else? :p