1 a. Statement of comprehensive income by function for the year ended December 31, 2020
b) Statement of changed in equity for the year ended December 31, 2020. There was no opening balance in the accumulated other income account and FlipFlop Inc. did not issue any new common shares in the fiscal year ended December 31, 2020.
c) Statement of financial position as at December 31, 2020.
2.Computation of EPS, Dividend ratio. Price-earning ratio and Book value per common share
a) Prepare a statement of comprehensive income by function for the year ended December 31, 2020. Beach Wear Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 Sales Revenue (net) Answerl Cost of Goods Sold Answer Gross Profit Answer Selling Expenses Answer! Administrative Expenses Answerl Operating Profit Answerl Finance Costs Answerl Profit before Income Tax Answerl Income Tax Expense Answerl Profit for the Year from Continuing Operations Answerl Profit for the Year from Discontinued Operations Answerl Profit for the Year Answerl Other Comprehensive Income, Net of Tax Gain on Foreign Currency Translation Adjustments (net of tax) Answerl Total Comprehensive Income Answerlb) Prepare a statement of changed in equity for the year ended December 31, 2020. There was no opening balance in the accumulated other income account and FlipFlop Inc. did not issue any new common shares in the fiscal year ended December 31, 2020. Beach Wear Inc. Statement of Changed in Equity For the Year Ended December 31, 2020 Common Shares Retained Earnings Reserves Total Equity Opening Balance Answer Answer Answer Profit for the Year/Net Income Answerl Answerl Other Comprehensive Income Foreign Currency Translation Adjustments Answer Answer Total Comprehensive Income Answer Answerl Answerl Transactions with Owners Dividends on Common Shares Answer Answerl Total Transactions with Owners Answer Answer Closing Balance Answerl Answerl Answer Answerlc) Prepare a statement of financial position as at December 31, 2020. Beach Wear Inc. Statement of Financial Position As at December 31, 2020 Assets Long-Term Assets Property, Plant and Equipment (net) Answerl Total Long-Term Assets Current Assets Prepaid Insurance Answerl Merchandise Inventory Answerl Accounts Receivable Answerl Cash Answerl Total Current Assets Answer Total Assets Answerl Equity Attributable to Owners Common Shares, unlimited authorized, Answerl 2360 Answer issued Retained Earnings Answerl Reserves Answer Total Equity Attributable to Owners Answer LiabilitiesLong-Term Liabilities Notes Payable, Long-Term Portion Answerl Total Long-Term Liabilities Answerl Current Liabilities Accounts Payable Answerl Unearned Revenue Answerl Notes Payable, Current Portion Answerl Total Current Liabilities Answer Total Liabilities Answerl Total Equity and Liabilities Answer1. Below is a list of accounts and balances for Beach Wear Inc. for the year ending December 31, 2020. All balances are in thousands of dollars. Beach Wear Inc. follows IFRS. Assume a tax rate of 20%. Exclude the presentation of earnings per share for this question. Account Title Balance Accounts Payable $8,500 Accounts Receivable $13, 100 Accumulated Depreciation $1, 100 Advertising Expense $1,400 Cast $20,000 Cash Dividends $4,300 Common Shares $13,500 Cost of Goods Sold $19,520 Depreciation Expense-Office Equipment $80 Depreciation Expense-Store Equipment $600 Gain on Foreign Currency Translation Adjustments $130 Gain on Sale of Discontinued Operations $2,000 Income from Operating Discontinued Operations $7,900 Interest Expense $1, 100 Merchandise Inventory $17,600 Miscellaneous Administrative Expenses $480 Notes Payable $22,000 Office Salaries Expense $1,700 Prepaid Insurance $1,900 Property, Plant and Equipment $26,100 Rent Expense-Office $420 Rent Expense-Retail $1,460 Retained Earnings (beginning balance) $14, 152 Sales Salaries Expense $2,600 Discounts $900 Sales Returns and Allowances $760 Sales Revenue $48,800 Unearned Revenue $1,500 Notes: Unlimited common shares are authorized and 2,360 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,400 will be paid by December 31, 2021.2. Marry Inc. provided the following information from its accounting records for the years ended December 31, 2021 and 2020. 202 2020 Income from continuing operations (net of tax) 858,000 799,000 Income from discontinued operations (net of tax) 143,000 123,000 Net income 1,001,00 922,000 Number of common shares outstanding throughout year 100,000 100,000 Beginning retained earnings 1,834,000 1,682,000 Current liabilities 606,000 470,000 Long-term liabilities 846,000 830,000 Market price per share 17 12 Total dividends paid 428,000 339,000 No shares were issued or redeemed during the two years. The company has never issued any preferred shares. Common shares were sold for $1 per share. Calculate the following ratios for both years. Do not enter dollar signs or commas in the input boxes. Round your answers to 2 decimal places. 2021 2020 EPS Answer Answer Dividend Payout Ratio Answer Answer Price-Earnings Ratio Answer Answer Book Value per Common Share
