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
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.
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
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.
Linear Mode
