Compute net income and balance sheet

Reference no: EM13259527

Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2

Purchases.....................	250,000	FreightIn..................	8,000
Salesdiscounts.............	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
Administrative Expenses	20,000

Balance Sheet - December 31, 20X1
Cash	10,000
Inventory	20,000
Owner's Equity	30,000

Compute the following for Les Fleurs during 20X2: Net income, Bance sheet and Owners equity.

Reference no: EM13259527

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