# accounting

posted by .

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.)

Net sales revenue
Cost of goods sold
Gross profit

Can someone tell me if this looks good, please?

NET SALES REVENUE

Inventory Sales…………………. 400,000
Less: Sales returns…………. 8,000
Less: Sales discounts…………. 4,000

Net Sales Revenue = 388,000

Cost of goods sold
Purchases………………... E250,000
Less: Purchase returns…….. 7,000
Less: Purchase discounts…. 3,000

Cost of good sold = 248,000

Gross Profit
Net Sales Revenue = 388,000
Less: Cost of good sold = 248,000

Gross Profit = 140,000

## Similar Questions

1. ### Unit 4 - Individual project

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 …
2. ### Accounting

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 …
3. ### Math

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 …
4. ### Math

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 …
5. ### Accounting

Given the following data, the gross profit for the fiscal year would be__. Freight-In on merchandise purchased \$1,500; Merchandise Inventory, January 1 \$30,000; Merchandise Inventory, December 31 \$50,000; Purchases \$100,000; Purchases …
6. ### Intro to Accounting

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 …
7. ### college

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 …
8. ### accounting

Les fleurs a boutique in paris france had the following accounts in its accounting records at december 31, 20x2. compute the following for les fleurs during 20x2 net sale cost of goods sold net income balance sheet december 31, 20x2 …
9. ### accounting

I am looking for the answer to this assignment. I am not an accounting major and have no clue. Please help Assignment Name: Unit 4 Individual Project Deliverable Length: 2-3 paragraphs Details: Les Fleurs, a boutique in Paris, France, …
10. ### Accounting

E13 Selected account balances of the Lakeside Grocery Store for the year ended December 31, 20xx, follow. Beginning merchandise inventory was \$ 26,000, and ending merchandise inventory is \$ 22,000. Prepare closing entries, assuming …

More Similar Questions