The writer is very fast, professional and responded to the review request fast also. Thank you.
Presentation/PPT
27/08/2022
Instructions:First and foremost when completing the assignment for Unit 4 IP1, DO NOT CONVERT THE EUROS TO US DOLLARS! Replace the word “Euros” in the problem with US $.Remember, there are 6 parts to Unit 4 IP1: (1) calculate net sales revenue, there is an example in the Austin Sound Center Income Statement on page 270; (2) Calculate cost of goods sold, which you can find a great example of on page 274 Chapter 5; (3) Calculate gross profit, again look on page 270 Chapter 5 the Austin Sound Center income statement for a good example; (4) Calculate Net income; (5) Create a Balance sheet, as of December 31, 20X2; and (6) Create a Statement of Owner’s Equity, December 31, 20X2. Chapter 5 pages 270-274 (or our old friend, Chapter 3 pages 148-151) should help guide you on format.Don’t confuse purchase returns and allowances (which belong in the cost of goods calculation) and sales returns and allowances (which belong in the calculation of net sales revenue). Additional figures you may need: Cash balance on December 31, 20×1 is $10,000 and on December 31, 20×2 is $130,000. Note that your balance sheet will have no liabilities (the balance sheet will be very short). Remember that the income statement is based on net sales revenue minus cost of goods sold minus administrative expenses. You must show your calculations. If you simply provide the net sales revenue, cost of goods sold and gross profit figures without showing your calculations you will not receive any points for this assignment, even if your figures are correct!Finally, no narrative paragraphs are required in this assignment.Assignment: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………………… E250,000Freight In……………… E8,000Sales discounts…………. 4,000Purchase returns…….. 7,000Sales…………………. 400,000December 31, 20X1….. 20,000Purchase discounts…. 3,000December 31, 20X2….. 30,000Sales returns…………. 8,000Administrative Expenses 20,000Balance Sheet – December 31, 20X130,000 Compute the following for Les Fleurs during 20X2: (Do not convert the figures to US dollars.) 1.Net sales revenue2.Cost of goods sold3.Gross profit4.Net income5.Balance sheet, December 31, 20X26.Statement of Owner’s Equity, December 31, 20X2
PurchasesFreight inSales discountPurchase returnsInventory salesPurchase discounts 250000.008000.004000.007000.00400000.003000.0020000.0030000.008000.0020000.0010000.0020000.00…
Show more
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more