Please help I can not figure out the net income, balamnce sheet and owner equity statement based on the following inforation in Euros:
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, 2001….. 20,000
December 31, 2002….. 30,000
Administrative Expenses..... 20,000

Balance Sheet for Dec 2001
Cash.......... 10,000
Inventory.......... 20,000
Owner's Equity.......... 30,000

Please see what I said over on this thread with that problem:
http://www.askmehelpdesk.com/accounting/am-trying-figure-out-net-income-come-up-balance-sheet-396556.html