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# First and foremost

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, 20X2PurchasesFreight inSales discountPurchase returnsInventory salesPurchase discounts 250000.008000.004000.007000.00400000.003000.0020000.0030000.008000.0020000.0010000.0020000.00…

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