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
