Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December
Question:
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")
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
Transcribed Image Text:
Purchases.. Freight In. E 8,000 7,000 E 250,000 Sales discounts.. Purchase retums. 4,000 Sales... Purchase discounts.... Inventory 400,000 December 31, 20x1... 3,000 20,000 December 31, 20X2... Sales returms. 30,000 8,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
Les Fleurs Income Statement For the Year Ended December 31 20X2 Revenue Gross Sales 400...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Accounting Introduction To Financial Accounting
ISBN: 9781517089719
1st Edition
Authors: Henry Dauderis, David Annand
Question Posted:
Students also viewed these Accounting questions
-
The Boa Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Alfonso Finley, Capital; Alfonso Finley, Drawing; Fees Earned; Rent...
-
A company reports the following accounts on its classified balance sheet: Additional paid in capital ...... Accounts receivable Land .............. Bonds payable, due in 10 years Treasury stock...
-
Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,600; Accounts receivable, $7,600; Accounts payable, $7,200; Prepaid rent, $2,400; Marketable...
-
Which of the following would be the most frequently occurring daily transaction in a retail shop? (a) Paying salary to the sales assistant (b) Sale of goods (c) Payment of rent for the shop premises...
-
Will 2-hexyne react with sodium amide? Explain.
-
7. What is the characteristic feature of cyclic neutropenia? A) Neutrophil chemotaxis B) Very low neutrophil count for 3-6 days in a 21-day cycle C) Myeloperoxidase deficiency D) Defective neutrophil...
-
Describe the common models of managed care organizations.
-
Consider a distillation column for separating ethanol from water at 1 atm. The following specifications are set: Feed: 10 mol% ethanol (bubble-point liquid) Bottoms: 1 mol% ethanol Distillate: 80...
-
Prepare a condensed cost of goods manufactured schedule The following information is available for Sheridan Company at December 31, 2022: 1. Inventory balance Beginning of Year End of Year Finished...
-
Charles Edward Company established a subsidiary in a foreign country on January 1, 2013, by investing FC 3,200,000 when the exchange rate was $0.50/FC. Charles Edward negotiated a bank loan of FC...
-
Inflation, recession, and high interest rates are economic events that are best characterized as being a. Systematic risk factors that can be diversified away. b. Company-specific risk factors that...
-
Discussion Board Deliverable Many high-technology companies, like Nortel Networks, Micron Technology and JDS Uniphase, have written down massive amounts of their inventory. For example, Nortel...
-
Occasionally, a C----H group can form a hydrogen bond. Why would such a group be more likely to be a hydrogen bond donor group when the C is next to N?
-
es Moe, Johnny, and Raymond form a partnership and contribute the following assets: FMV Partnership Basis Moe's inventory $ 55,000 $ 12,500 33.3% $ Johnny's building $ 88,800 33.3% 124,320 Raymond's...
-
Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Average Cost per Unit Fixed...
-
On January 1, The Parts Store had a $550,000 inventory at cost. During the first quarter of the year, it purchased $1,690,000 of merchandise, returned $28,100, and paid freight charges on purchased...
-
Zoe Corporation has the following information for the month of March: Cost of materials placed in production $15,093 Direct labor 23,998 Factory overhead 32,382 Work in process inventory, March 1...
-
ABC co. has the following data for the month ended January 31, 2021. ABC uses periodic inventory system: Date Units Unit cost or selling price 1/1 Beginning Inventory 110 $ 78 1/8 Purchase 190 81...
-
Suppose a firm that produces hobby drones (for civilian use) has a linear demand curve for its product, with a vertical intercept of $800. The firm currently charges a price of $300. Do you have any...
-
What impact has the Internet had on the globalization of small firms? How do you think small companies will use the Internet for business in the future?
-
From the trial balance of M Bimby shown in figure 9.53, write next to each account name the account/ statement and group abbreviations. Using this information, you are required to prepare an income...
-
Transfer of Receivables with Recourse Bryant Inc. factors receivables with a carrying amount of $200,000 to Warren Company for $190,000 on a with recourse basis. The recourse provision has a fair...
-
Transfer of Receivables with Recourse Gringo Corporation factors $250,000 of accounts receivable with Winkler Financing, Inc. on a with recourse basis. Winkler financing will collect the receivables....
-
Transfer of Receivables without Recourse SEK Corp. factors $400,000 of accounts receivable with Mays Finance Corporation on a without recourse basis on July 1, 2010. The receivables records are...
-
July August September October November December Total Average 350 450 460 390 390 360 4,960 413 3,020 3,500 4,020 3,290 3,170 3,070 $ 43,571 $ 3,631 PR 6-38 (Algo) Part 4 Compute the variable cost...
-
Discuss the main distinguishing features of majority, concurring, and dissenting opinions
-
On September 3, 2023, Wilkins purchased 1244 stock in Brass Corporation for $6,000. On December 31, 2023, the stock was worth $8,500. On August 15, 2024, Wilkins was notified that a. 2023-$0;...
Study smarter with the SolutionInn App