 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
How do I configure net income, balance sheet and owner equity
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: https://www.askmehelpdesk.com/accoun...et-396556.html |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
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…………………. ...
Accounts payable.. . $ 74,300 Accounts receivable.. . 113,500 Buildings.. . 512,000 Owners’ equity, 1/1/09.. . 314,300 Cash.. . 153,600 Distributions to owners during 2009.. . 48,100 Supplies.. . 4,250 Land.. . 90,000 Mortgage payable.. . 423,400 Net income for 2009.. . 109,450
I just did a balance sheet and noticed all numbers are positive, except under the "Equity Section". The Net Income is negative and the Total Equity is negative. Is it OK to have negative numbers appear on this financial statement?
View more questions Search
|
