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
statement of owners equity december 31, 20x2
To compute the net sale, cost of goods sold, net income, balance sheet, and statement of owner's equity for Les Fleurs during 20x2, you'll need information from their accounting records. Without the specific details of their accounts, it is impossible to provide precise calculations. However, I can explain how you can compute these figures based on typical accounting principles and formulas.
1. Net Sales: Net sales can be calculated by subtracting any sales returns, allowances, and discounts from the total sales revenue. The formula is: Gross Sales Revenue - Sales Returns and Allowances - Sales Discounts.
2. Cost of Goods Sold: Cost of goods sold represents the direct costs associated with producing the goods or services sold by the company. It includes the cost of raw materials, direct labor, and any other costs directly attributable to the production of goods. To calculate it, you need the opening inventory, purchases, and closing inventory. The formula is: Opening Inventory + Purchases - Closing Inventory.
3. Net Income: Net income is the final result after deducting all expenses from the revenue. It represents the profit or loss of the company. The formula is: Revenue - Expenses.
4. Balance Sheet: The balance sheet provides a snapshot of the company's financial position at a specific date, usually the year-end. It consists of assets, liabilities, and owner's equity. The balance sheet equation is: Assets = Liabilities + Owner's Equity. You would need information on the company's assets (e.g., cash, accounts receivable, inventory), liabilities (e.g., accounts payable, loans), and owner's equity (e.g., owner's capital, retained earnings) to prepare the balance sheet.
5. Statement of Owner's Equity: The statement of owner's equity shows the changes in the owner's capital during a specific period. It includes contributions, withdrawals, and retained earnings. The formula is: Beginning Owner's Equity + Contributions + Net Income - Withdrawals = Ending Owner's Equity.
To calculate these figures for Les Fleurs during 20x2, you will need the specific account balances from their accounting records.